Financial Times FT.com

Thomson creditors back debt plan

By Anousha Sakoui in London and Esther Bintliff in Paris

Published: July 25 2009 02:31 | Last updated: July 25 2009 02:31

Thomson, the debt-laden French media services group, on Friday said it had secured a majority of its creditors’ support for a restructuring that would nearly halve its debt load but heavily dilute existing shareholders.

The deal still requires approval from some creditors, including Deutsche Bank, along with two thirds of shareholders. A meeting will be held at the end of the fourth quarter of 2009 at which shareholders would be required to vote on the proposal.

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