Technicolor’s shareholders have given the greenlight to the company’s financial restructuring plan, which aims to safeguard the company from bankruptcy.
The company said it had already received all of the votes due to be submitted at today’s meeting.
The next step will be to gain approval of the plan from the Paris Commercial Court. A hearing will take place tomorrow (21st July), in order for the court to examine the draft financial safeguard plan, which is to be approved on 28th July, 2020.
Following today’s shareholders meeting, the first tranche of the €240 million of new investment will be made available to the company.
Richard Moat, CEO of Technicolor, stated: “This approval of our shareholders and the availability of the first part of the [new investment] are great achievements and key milestones for the implementation of our financial restructuring plan. We thank the shareholders for their decisive support for the future of the company.
“During the last weeks, we have been working intensely to reach an agreement providing a framework for the long-term sustainability of Technicolor. During this time, we have also been dealing with the Covid-19 crisis and our teams have been tireless in ensuring the ongoing delivery of our high value-added services to our customers,” Moat added.
“Today we are opening a new chapter, paving the way for bright prospects for Technicolor. Our business units are well positioned to take advantage of the increased demand for original content, the strong increase in digital media consumption, and the significant growth in residential broadband access and we will take advantage of our position and be a stronger company for our employees and a stronger partner to our suppliers and customers.”