April 27, 2010 16:35 ET
TECHNICOLOR : Signature of Two Committed Receivables Facilities
PARIS--(Marketwire - April 27, 2010) - As foreseen in its debt restructuring plan,
Technicolor (EURONEXT PARIS: 18453) (NYSE: TCH) signed last week two
committed receivables facilities.
In France, Technicolor's wholly owned subsidiary, Thomson Telecom SAS,
signed a EUR100 million 3 year factoring facility with GE Factofrance.
In the U.S., certain of our U.S. subsidiaries signed with Wells Fargo
Capital Finance, LLC, part of Wells Fargo & Company (NYSE: WFC), a $125
million 3 year credit facility, secured by the subsidiaries' receivables.
Both of these facilities are subject to the fulfillment of customary
conditions precedent prior to being available for advances and borrowings.
We expect these facilities along with the Group's cash balances will
fulfill the ongoing liquidity needs of the Group following its debt
restructuring, which is expected to close in late May.
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Technicolor is a company listed on NYSE Euronext Paris and NYSE stock
exchanges, and this press release contains certain statements that
constitute "forward-looking statements" within the meaning of the "safe
harbor" of the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on management's current expectations
and beliefs and are subject to a number of risks, uncertainties,
assumptions and other factors beyond Technicolor's control that could cause
actual results to differ materially from the future results expressed,
forecasted or implied by such forward-looking statements due to changes in
global economic and business conditions, risks related to its debt
restructuring, and risks related to its operations in general. For a more
complete list and description of such risks and uncertainties, refer to
Technicolor's Form 20-F (formerly Thomson) and other filings with the U.S.
Securities and Exchange Commission and Technicolor's Rapport Annuel and
other filings with the French Autorité des marchés financiers.
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About Technicolor
With more than 95 years of experience in entertainment innovation,
Technicolor serves an international base of entertainment, software, and
gaming customers. The company is a leading provider of production,
postproduction, and distribution services to content creators and
distributors. Technicolor is one of the world's largest film processors;
one of the largest independent manufacturers and distributors of DVDs
(including Blu-ray Disc); and a leading global supplier of set-top boxes
and gateways. The company also operates an Intellectual Property and
Licensing business.