French digital media company
The move comes after the company
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 to be put on hold and production timelines to be pushed back, significantly depressing Technicolor’s revenue from production services,” it said in the filing to the U.S. bankruptcy court in the Southern District of Texas.
On June 18, the company commenced proceedings in France to restructure its obligations owed to creditors through an expedited financial safeguard plan.
Moody’s Investors Service cut the company’s rating to Caa2 from Caa1 last month,
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