Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Togo : will president Faure Gnassingbe win a third 5-year term ?

Read more

MEDIAWATCH

Controversy reigns 100 years after the Armenian genocide

Read more

THE WORLD THIS WEEK

Migrant Deaths: Politicians Divided after Emergency EU Summit

Read more

THE WORLD THIS WEEK

The G-Word: Turkey and the Armenian Genocide

Read more

FRANCE IN FOCUS

What will the new French healthcare bill change?

Read more

#TECH 24

Space Special: Happy Birthday, Hubble!

Read more

FOCUS

Video: Meeting Marseille's Armenian community

Read more

REPORTERS

Saving French soldiers' WWI trench carvings

Read more

ENCORE!

Armenia, 100 years on

Read more

Business

Thomson reaches relief deal with creditors

Text by NEWS WIRES

Latest update : 2009-07-24

Former linchpin of French industry Thomson announced on Friday that it had reached a deal with its creditors to obtain a 45 percent reduction in its debt. The media technology group will reduce its 2.83 billion euro deficit to 1.55 billion euros.

AFP - Struggling French media technology group Thomson said Friday it had reached a deal with its creditors that would allow for a 45 percent reduction in its debt.

Under the accord, Thomson's debt of 2.83 billion euros will be reduced to 1.55 billion euros (2.2 billion dollars). In exchange, creditor banks and bond holders will receive shares and bonds convertible to shares.

In April, the former electronics giant said its creditors had given it until mid-June to pay back its debt, a deadline that was then extended to July 24.

A former linchpin of French industry, Thomson gave up its main line of household electrical goods in the face of stiff Asian competition, switching to technology for media.

But it has struggled to make any headway.

Without an accord, Thomson, which employs 23,000 people around the world, would had to have sought bankruptcy protection while it restructured its business.
 

Date created : 2009-07-24

COMMENT(S)