Thomson becomes Technicolor - Shareholders approve restructuring plan

January 27, 2010

Source: Thomson

The Shareholders’ Meeting of Thomson was held today, chaired by Frederic Rose, Chairman and Chief Executive Officer, in the presence of the Board of Directors and of Thomson’s senior management.

Shareholders of the Group approved all resolutions, including those pertaining to the Restructuring Plan made public by Thomson on 9 December 2009, and already approved by all creditors’ committees (Suppliers, Lenders and Noteholders) on 21 & 22 December 2009.

In addition, the shareholders approved the change of name of the Group to “Technicolor”. As of Monday, February 1st, the Company will trade on NYSE Euronext Paris under the Technicolor symbol (TCH).

As proposed by Frederic Rose, the roles of Chairman and CEO will be separated under a new governance structure, following the conclusion of the sauvegarde proceeding expected in February. The position had been combined in 2009 in light of the crisis facing the company.
Frederic Rose, Chairman & CEO, commented:

"We are delighted that Shareholders have given their full backing to our restructuring plan. This is a new start for our Group under the Technicolor brand”.

The role of chairman and CEO will also be separated under a new executive structure when the company emerges from sauvegarde next month.

Notes:
- Thomson sought protection from the French government last year in an effort to fend off creditors it was unable to pay. It was granted this sauvegarde, or “safeguard,” status last November. It filed Chapter 15 in a U.S. bankruptcy court last month to protect its American assets. Around 47 percent of its 2008 revenues were generated in the United States.

- Thomson put the Grass Valley and digital signage divisions up for sale last February when it also warned of breaching loan covenants. Reuters reported that Thomson Chairman and CEO Frédéric Rose said at today’s shareholder meeting that the company was “still in talks about these asset sales.”

- Thomson will officially become Technicolor on Monday, Feb. 1, and trade on the New York Stock Exchange Euronext Paris under the symbol “TCH.”

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