According to Television Broadcast, Thomson (NYSE:TMS) is putting Grass Valley up for sale. The Parisian tech giant today said the board approved divesting the division, along with its Premier Retail Networks digital signage business. Thomson has received “expressions of interest” in the business units, wire reports indicate. Thomson announced the move this morning as it warned of breaching loan covenants. Some of the company’s private placements require that debt doesn’t exceed net worth.
Thomson estimated its debt to be nearly $2.8 billion. It had a little over $1 million in cash at the end of the year; money it drew down from the balance remaining on its syndicated credit facility. Market cap in France was around $463 million this morning with shares trading at $1.42 after tumbling 15 percent on the news.