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Recovery Report: Technicolor Recovery Rating Profile May 11
Standard & Poors, May 2011
We are updating our recovery analysis on French technology company Technicolor S.A. (formerly Thomson S.A.). We believe the company would reorganize in the event of a default. Our simulated default scenario contemplates a default in 2013, based primarily on weak trading levels that would lead to the company's reorganization. We have maintained our recovery rating of '4' on the -917 million-equivalent credit facility due 2017 and the -578 million-equivalent senior notes due 2017, indicating our expectation of average recovery (30%-50%). Technicolor completed its balance sheet restructuring on May 26, 2010. The -917 million-equivalent credit facility due 2017 (-777 million-equivalent at fair value, as reflected in the company's balance sheet) and the -578 million-equivalent senior notes due 2017 (-519 million-equivalent at...
Companies mentioned in this report are: Technicolor S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis