Thomson gets time to settle record debt

PARIS: Struggling French media technology group Thomson has announced its creditors had given it until mid-June to pay back its debt of 2.9 billion euros.

The former electronics giant warned in January it would be unable to fulfill its banking commitments by the time its 2008 accounts were audited at the end of April.

"We have reached an agreement with our lenders on a moratorium until June 16," date of the company's general assembly, said Frederic Rose late on Monday, who took over the company in September.

The creditors could have demanded the money this week.

A former linchpin of French industry, Thomson gave up its main line of household electrical goods in the face of stiff Asian competition, switching to technology for media, but never found its rhythm again.