Media Firm Technicolor Cites Pandemic in Chapter 15 Filing

French digital media company Technicolor SA filed for Chapter 15 in a U.S. bankruptcy court, saying that the Covid-19 pandemic has hurt revenue.

The move comes after the company said on Monday that it had reached agreement in principle with creditors on a restructuring plan. Chapter 15 filings allow companies to protect their U.S. assets while reorganizing in their home country.

Technicolor said in its filings that it had encountered significant challenges over the past decade, including a global shift away from traditional media consumption that hurt revenue from DVD manufacturing.

“Compounding matters, the COVID-19 pandemic has caused theatrical releases ...