De Pardieu Brocas Maffei has advised Technicolor on its financial restructuring plan, implemented through accelerated financial safeguard proceedings (recognized in the US through Chapter 15 proceedings), the amount of restructured debt being approximately 1.4bn€. The main features of the financial restructuring plan are the following:
- granting of a new money financing for an amount of €420 million,
- deleveraging the Company’s balance sheet, through the equitization of up to €660 million of existing Term Loan B and Revolving Credit Facility
Based on the proposed new financing plan, the gross debt will decrease from the current position of 1,444 million to €1,102 million.
The financial restructuring plan provides a framework for long-term sustainability for the Company’s businesses, employees, customers and suppliers, and offers its current shareholders an opportunity to participate in the Company’s recovery.