Technicolor’s plan to safeguard the company has been approved by the court overseeing its Chapter 15 proceedings in the United States.
The ruling prohibits Technicolor’s creditors from taking any action inconsistent with the accelerated financial safeguard plan in the United States.
Meanwhile, Technicolor said it has fulfilled the conditions to receive €180 million, the second tranche of new financing under its €420 million restructuring plan.
The company added that, based on business activity during the months of July and August, it remains confident of achieving cost savings in excess of €160 million during the year.
In terms of its production services, recent discussions with the major US studios confirm a pick-up in general activity in the film industry, said Technicolor.