Technicolor announced that its senior creditors have approved changes to the company’s financial covenants, which will allow for greater flexibility in pursuing potential joint ventures, disposals and acquisitions.
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Unedited press release follows:
Technicolor senior creditors approve amendments to senior debt agreements increasing Technicolor’s strategic flexibility
PARIS–(Oct 27, 2011) – Technicolor (“the Company”) (PARIS: TCH) announces today that its lenders and noteholders have approved certain changes to the Company’s senior debt agreements by more than the respective required majorities and, accordingly, the proposed amendments to its senior debt agreements will become effective soon.
The consent was approved by a large majority of around 90% in accordance with the voting rules of the senior debt agreements.
On 4 October 2011, the Company requested that its senior creditors provide their consent to certain amendments to its senior debt agreements, principally related to joint ventures, disposals and acquisitions, in order to increase its strategic flexibility.
Once the amendments become effective, the Company will have greater flexibility to participate in the industry’s accelerating consolidation trends and to take advantage of potential strategic opportunities to optimise its portfolio of activities and strengthen its business.
Technicolor is home to industry-leading creative and technology professionals committed to the creation, management and delivery of entertainment content to consumers around the world. Propelled by a culture of innovation and underpinned by a dedicated research organization, the company’s thriving licensing business possesses an extensive intellectual property portfolio focused on imaging and sound technologies. Serving motion picture, television, and other media clients, the company is a leading provider of high-end visual effects, animation, and postproduction services. In support of network service providers and broadcasters globally, Technicolor ranks among the worlds’ leading suppliers of digital content delivery services and home access devices, including set- top boxes and gateways. The company also remains a large physical media service provider, being one of the world’s largest film processors and independent manufacturers and distributors of DVDs and Blu-ray™ discs.