May 28, 2012 10.14 Europe/London By Julian Clover
Technicolor has confirmed that it has filed for insolvency on its troubled set-top box facility in Angers.
The company has filed papers with the Nanterre Commercial Court (France) and has petitioned the Court to open rehabilitation proceedings (“redressement judiciaire”) for Thomson Angers SAS.
Around 330 people are employed at the plant that has suffered from cheaper supplies coming in from Asia. In 2011 the group lost a contract to supply France Telecom with boxes for its Orange service.
Earlier this month it was announced that a €158 million cash injection will be made by an investment vehicle jointly owned by One Equity Partners, the private investment arm of JPMorgan Chase, and JPMorgan Chase & Co.
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