Creditors give Thomson breathing space
April 29, 2009
The main creditors of Thomson have given the loss-making French media technology group a waiver until June 16th to restructure its debt. The company, which had warned it would breach its debt covenants, now has until its June 16th annual shareholders meeting to continue discussions on how to shore up its balance sheet.
“The goal we now all have is to be able to announce the principles of a deal on June 16,” Chief Executive Frederic Rose told reporters during a conference call. Rose is also taking on the additional role of chairman of the board, the group said in a statement announcing the waiver.