Monday,Thomson S.A.(TMS) said the Suppliers' committee and the Lenders' committee approved the restructuring plan made public by Thomson on December 9. A voting held under the supervision of the Administrateur Judiciaire's office gave 100% approval to the plan.
The France-based media services company said the final group of creditors or the Noteholders' committee will vote on
the restructuring plan Tuesday, December 22 and if approved by a two-third majority, it would be submitted for approval from the shareholders at the ordinary and extraordinary shareholders meeting to be held on January 27, 2010.
Thomson noted that if the plan is not approved by the Noteholders' committee, it will submit an alternative court-imposed plan in accordance with French commercial code provisions.
The company, on December 9, confirmed its restructuring plan which was made available to creditors on 4 December, based on the terms agreed by a majority of Thomson's senior creditors on 24 July. Thomson has about $3.8 billion in debt.
Under the Restructuring Plan, Thomson's gross senior debt level outstanding under its syndicated credit facility and private placement notes of EUR 2.84 billion would be reduced by 45% to EUR 1.55 billion and would take the form of a reinstated debt with modified terms and lengthened maturities.
The company filed for bankruptcy protection on Friday under Chapter 15 in a New York bankruptcy court to protect its U.S. assets from creditors.
The U.S. court has ordered a provisional stay to safeguard the U.S. assets and scheduled the hearing for the petition on January 14.
Thomson expects to exit the process by February, 2010 on approval of the new restructuring plan.
An effort to reach an agreement with lenders on restructuring having failed, Thomson filed the equivalent of Chapter 11 in France last month.
TMS is currently trading at $1.51, up $0.30 or 24.65% on a volume of 0.10 million shares on the NYSE.
For comments and feedback: editorial@rttnews.com