Thomson Gets Another Waiver From Creditors Until July 24

PARIS, France Private Placement (Dow Jones)–French technology and media services company Thomson SA  said it has obtained from creditors another waiver on debt payments until July 24 to allow it time to try and work out balance sheet problems.

Following discussions with creditors over the past six weeks, private placement noteholders (PPM note holders) and lenders now are considering Thomson’s restructuring proposal, Thomson said in a statement.

Thomson said the terms of the proposal will not be made public at this stage.

Paris-based Thomson in April received a waiver from creditors after the group in January said it was likely to breach covenants on some of its private placement notes.

Without the waiver, creditors could have demanded the reimbursement of EUR2.9 billion of debt as of April 30, when the company published audited 2008 results, which would have triggered the breach of covenants.

Last month, Thomson said it was continuing talks with all its creditors and aimed to strike a deal by June 16, when the group holds its annual general meeting.
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