Hence the abyssal loss registered in 2008

Thomson was known to des moins connu less known and a net loss of EUR 1.9 billion in 2008... All his counters are now flashing red. Considered as a"risky" by rating agencies, the company can no longer finance market.

To top it off, Thomson bankers may demand repayment of a line of credit of 1.7 billion on April 30, because the Group respect more commitments. Such a decision would lead de facto to the bankruptcy of Thomson, the company being unable to put on the table such a sum.

In short, there is what suppressing the more optimistic patterns. Yet, Frédéric Rose, the Director-General arrived at the head of Thomson six months ago, wants to believe: "Thomson has a future as its activities generate the cash, but he must pay the debt of the past." Of course, the pattern of Thomson does not the ostrich. For him, "the situation is more than difficult." Exact. Sales fell from 7.7 at constant rate last year as a result, haphazard, the strike screenwriters in Hollywood, the low activity in TV broadcasting equipment and the decline in the prices of the contracts signed with the majors of the coast West American.

"No fateful date.

At the same time, the Group had to pass a depreciation of assets for more than 1 billion euros in its accounts. Hence the abyssal loss registered in 2008. For Frédéric Rose, the most urgent is to develop a credible strategy to convince creditors of the group to be trusted. Starting with 18 international banks which have lent 1.7 billion.

But, for him, even if one cannot exclude a default of payment, April 30 "is not a fateful date. Because no one has interest in coming to such end: neither Thomson, of course, neither banks since it would be a "destruction of value for everyone," according to the leader. The discussions were therefore commenced with the creditors, banks and bondholders, on the way to restructure the balance sheet of the group. The latter may, at the end of the process, become shareholders. "It is a possibility, but this is not the only one", said Frédéric Rose yesterday.

Transfer of activities

Appeal to public funds, it is no longer current. The Director General of Thomson said not formally filing folder from the strategic support Fund (ISF). In any event, "make an increase in capital to public investors or private, is putting the cart before the horse." "It must first address the problem of the balance sheet," noted the pattern.

To convince bankers, Frédéric Rose wants to sell activities representing 1.1 billion euros of turnover annual. Grass Valley broadcast equipment, and Screenvision and PRN advertising boards will be transferred this year. With "a portfolio of activities too wide", the group is "focus not on a technological vision but on customers", said the Director-General.

The company will therefore turning exclusively on the creators of content, i.e. Disney, Fox, Universal and others, which are films and sell them. The manufacturing activity of gateways for Livebox type Internet access will be kept, like patents, very profitable. DVD duplication, although in decline, is expected to remain within the group. "Approximately 8 billion DVDs were sold last year." "Before he dies, there are still beautiful years before us", explained the Director-General.

The future Thomson, as imagine Frédéric Rose would have realized a turnover of EUR 3.7 billion in 2008 and "would have cleared the cash" provides Stéphane Rougeot, Chief Financial Officer. Disney and Paramount believe since they have large contracts yesterday with Thomson. Markets, they are the least doubtful. Yesterday on the Paris stock exchange, the action plunged 16.93 to 0,466 euro.