The French multi-national media company, owner of leading creative studios MPC, The Mill, Mr. X and Mikros, issues statement concerning AWN’s June 23 news report.
In response to AWN’s June 23 report on French multi-national media company Technicolor SA’s US Chapter 15 filing as part of a debt restructuring plan it announced in France this past Monday, the company has just issued this statement:
Like many companies in the Media and Entertainment industry, we have been severely impacted by the COVID-19 global pandemic. On Monday, June 22nd, we announced that we had reached an agreement in principle with our lenders on a new financial framework for our long-term sustainability. It is the financial framework from which we will build a stronger future as a company- and in turn become an even stronger partner to our clients. That plan includes the infusion of €420 million of new money into the company and deleveraging.
In order to be able to implement our new financing structure with only 2/3 majority of our lenders, rather than 100% as is required under the original financing papers, we entered into an SFA in France. However, an SFA is purely a French procedure. As a French company operating in the United States you have to enter into Chapter 15 in the States. Chapter 15 is not bankruptcy. It’s a proceeding that accompanies the SFA process for companies having assets in the US.
Our new financial framework, and the approval processes necessary to implement it, will not affect our operations. Delivering superior service and innovative solutions to our clients is our priority – as is maintaining the strong relationships we have with them.
AWN has reached out to the company and will report on any new information received.
Dan Sarto is Publisher and Editor-in-Chief of Animation World Network.