Thomson forced to sell Grass Valley?

Thomson group has warned it is likely to breach certain debt covenants and needed to bolster its balance sheet, notably by selling more non-core activities.

The loss-making company said it would sell businesses which contributed around E1 billion to 2008 sales, including Grass Valley and PRN, for which it has already received expressions of interest, and focus instead on providing services to media content creators.

The group – which said it was in talks with its main creditors and potential equity investors – also confirmed it could seek assistance from the French government’s E20 billion rescue fund. The fund is aimed at helping firms classified as strategically important cope with the financial crisis.

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