French Film Co. Technicolor Seeks To Cut Debt In Ch. 15 Case

Law360 (June 23, 2020, 10:22 PM EDT) -- French video production and telecommunications company Technicolor SA filed a Chapter 15 petition late Monday in Texas bankruptcy court seeking to complete a financial restructuring that will cut down its €1.4 billion ($1.58 billion) of debt through an equity swap.

The company, which draws its name from the color film processing technology used in classic films like "The Wizard of Oz" and "Fantasia," fell into insolvency when COVID-19 scuttled its efforts to raise new capital.

The Chapter 15 filing seeks recognition of a French insolvency proceeding, called an SFA for the French phrase meaning accelerated financial safeguard, through which Technicolor is...

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