Thomson waivers extended; creditors consider restructuring proposal

By Caroline Salls

Pittsburgh, June 15 - Thomson said its senior creditors have agreed to extend the company's waivers of non-compliance with two senior credit facility financial covenants until July 24 while Thomson SA's private placement noteholders and syndicated creditor facility lenders consider the key terms of a restructuring proposal, according to a company news release.

Under the restructuring proposal, the group's debt would be significantly reduced through a conversion of debt into equity.

In addition, existing shareholders will have the opportunity to participate in the rehabilitation of the company.

The waivers were previously scheduled to expire on June 16.

Thomson is a Boulogne-Billancourt, France-based provider of video technologies, systems, finished products and services to the media and entertainment industries.

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