PRN’s parent Thomson SA is spending a lot of time at the moment fighting bankruptcy rumours. Their shares recently fell as much as 20 percent when credit rating agency Moody’s raised the probability of Thomson defaulting following what Moody’s said was a failure to repay USD 92.5 million private placements due on 18th May.
Thomson say that their discussions with creditors are constructive but nevertheless have been given a deadline of 16th June by its main creditors to complete months-long talks over its borrowings.
As previously discussed in order to cut its debt, Thomson is trying to sell businesses that contributed around 1 billion euros to 2008 sales, including Grass Valley, PRN and cinema advertising unit Screenvision.