French media technology group Thomson is to be re-named as Technicolor after securing approval from its shareholders for a debt restructure.
Shareholders agreed all resolutions put forward at an ordinary and extraordinary stakeholders meeting this week, including those pertaining to the restructuring plan made public on 9 December 2009.
The move was approved by all creditor committees last year after Thomson had originally breached its debts covenants.
Shareholders also agreed to a change of group name to “Technicolor”, effective from 1 February.
At the same time, it was decided that the roles of chairman and chief executive will be separated under a new governance structure.
Frederic Rose, the current chief executive and chairman, said: “We are delighted that shareholders have given their full backing to our restructuring plan. This is a new start for our group under the Technicolor brand”.
Thomson had been protected from its creditors under a ‘Safeguard’ proceeding.
Safeguard is the French equivalent of Chapter 11 and prevents anyone that is owed money by the company from attempting to call in debts or instigate winding up proceedings.
The Grass Valley Group, which is owned by Thomson, is still up for sale.
Thomson also owns Technicolor, the parent company of the Soho visual effects facility Moving Picture Company.