Technicolor ends safeguard proceeding after court approves plan

By Caroline Salls

Pittsburgh, Feb. 17 - Technicolor, formerly Thomson SA, said the Commercial Court of Nanterre has approved its safeguard restructuring plan, bringing an end to the safeguard proceeding, according to a company news release.

The company said the court's approval follows the near unanimous approval of the plan by all of the company's creditor committees and its shareholders.

Going forward, Technicolor said it will implement its restructuring plan and launch securities offerings.

In addition, the company said it changed its governance structure and board of directors' membership.

According to the release, the board accepted a proposal by Frederic Rose to separate the roles of chairman of the board and chief executive officer.

As a result, Denis Ranque, former chairman and CEO of Thales, has become the chairman of Technicolor's board, and Rose will continue to serve as CEO.

The new directors named to the board are Eutelsat financial director Catherine Guillouard, former Vivendi Games CEO Bruce Hack and ADEO administrator John Roche.

These new directors join Technicolor board members Rose, Loic Desmouceaux, Didier Lombard and Remy Sautter, who becomes lead independent director.

The company said the new board members succeed Eric Bourdais de Charbonniere, François de Carbonnel, Pierre Lescure and Paul Murray, who served through the completion of the debt restructuring process.

In addition, Marcel Roulet left his role as censeur to the board. He is succeeded by Lloyd Carney, CEO of Xsigo Systems, who will be nominated to serve on the board at the next general shareholders meeting.

Technicolor is based in Boulogne-Billancourt, France, and provides video technologies, systems, finished products and services to the media and entertainment industry. It announced the safeguard proceeding on Nov. 30.

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