Thomson SA wins time to seal debt-for-equity deal
* Creditors extend waivers to July 24
* Made restructuring proposal to creditors
* Proposal involves debt-for-equity swap
* Existing holders could take part in recapitalisation
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By Domininique Vidalon PARIS, June 15 (Reuters) - French media technology company Thomson SA (TMS.PA: Quote, Profile, Research) has won time to seal a debt-for-equity restructuring, and now has waivers until July 24 from creditors owed 2.9 billion euros ($4.0 billion).
Thomson SA, which had until June 16 to reach an agreement or face the risk of bankruptcy, said on Monday its main creditors, were considering a restructuring proposal it had made.
"The proposal contemplates a significant reduction of the group's debt through a conversion of debt into equity, as well as the ability for existing shareholders to participate in the recapitalisation of the company," it said in a statement. Continued...
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