APPROVAL OF THE DRAFT SAFEGUARD PLAN BY THE CREDITORS’ COMMITTEE
Paris (France), 6 July 2020 – Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) (the « Company ») and SELARL FHB, represented by Me Hélène Bourbouloux and Gaël Couturier, in their capacity as judicial administrators appointed as such by a ruling of the commercial court of Paris dated 22 June 2020 (the « Judicial Administrator »), herein announce that, in the framework of the meeting held on 5 July 2020 and convened by the Judicial Administrator, the lenders' committee under the accelerated financial safeguard procedure, approved the draft safeguard plan at a majority of 100% of the creditors who cast a vote.
This is a significant milestone for the Company, and the next key milestone will be the Shareholders Meeting which will be held on 20th July 2020 behind closed doors, without the physical presence of the shareholders, given the sanitary situation. A strong participation, necessary to achieve the quorum requirement, and a positive shareholder vote in favour of all the resolutions at this meeting, are of the utmost importance for the Company’s future, as this will facilitate the implementation of the safeguard plan, opening a new chapter to the Company’s development.
Otherwise, Technicolor will have no choice but to ask the court to initiate receivership (redressement judiciaire) or liquidation proceedings, in which case quasi all the Company’s assets could be attributed or sold to the New Money providers and existing lenders allowing the continuation of the Group’s activities (at the subsidiaries’ level) and the trading with clients and suppliers, thanks to a reinforced financial structure. However, in such situation, the shares of the Company would lose all or quasi all of their value.
Voting instructions and the voting form are available on the Company’s website (https://www.technicolor.com/investor-center/shareholders-meeting). The voting form must be received no later than July 17, 2020. Shareholders voting through Votaccess will have until July 19, 2020, 3 pm (Paris time) to submit their votes.
About Technicolor: www.technicolor.com
Technicolor shares are on the Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (OTCQX: TCLRY).
Christophe le Mignan: +33 1 88 24 32 83