France's Thomson S.A. (TMS) said Wednesday that its shareholders have approved all resolutions at the ordinary and extraordinary shareholders' meeting, including those pertaining to the restructuring plan announced on December 9 and already approved by all creditors' committees on December 21 & 22.
The shareholders also approved the change of name of the company to "Technicolor". As of February 1, the company will trade on NYSE Euronext Paris under the Technicolor symbol "TCH".
As proposed by Chairman and Chief Executive Officer Frederic Rose, the roles of the company's Chairman and CEO will be separated under a new governance structure, following the conclusion of the sauvegarde proceeding expected next month. The positions had been combined in 2009 in light of the crisis facing the company.
The company on December 9 confirmed its restructuring plan which was made available to creditors on December 4, based on the terms agreed by a majority of Thomson's senior creditors on July 24. 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.
After an effort to reach an agreement with lenders on restructuring failed, Thomson filed the equivalent of Chapter 11 in France in November.
In December, rte company filed for bankruptcy protection under Chapter 15 in a New York bankruptcy court to protect its U.S. assets from creditors.
Thomson ADS are currently trading on the NYSE at $1.37, down 5 cents or 3.52%. The company's shares closed 6.6% lower in Paris.
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