Media and entertainment technology specialist Technicolor has announced that the President of Thomson Angers SAS has filed for insolvency (“cessation de paiement”) with the Nanterre Commercial Court (France) and has petitioned the Court to open rehabilitation proceedings (“redressement judiciaire”) for Thomson Angers SAS. The company Thomson Angers SAS owns the Angers facility, which manufactures set-top boxes.

The company had said April 11 that it hoped to find a partner for its loss-making set-top box business, confirming that it was in talks with several parties and was also seeking to dispose of the STB factory by the summer.

“Our problem is simple: prices have to come down, our clients stress this. Today, we cannot afford to build set-top boxes in France. This battle is lost, let us concentrate on what we can win,” Technicolor Chief Executive Frederic Rose said at the time.

Categories: Articles, Business, Funding, In Home, STB