On Tuesday, March 17, 2026, the Melun Commercial Court opened a judicial reorganization procedure for Metavisio-Thomson Computing, a French company specializing in computers, tablets, and software. The measure was taken at the company's request to restructure its debt and sustain its operations.
The Melun Commercial Court has initiated a judicial reorganization procedure for Metavisio-Thomson Computing (ISIN: FR00140066X4, mnemonic code: ALTHO). Master Maxime Lebreton has been appointed as the Judicial Administrator and Master Christophe Ancel as the Judicial Representative. The procedure aims to allow the Company to restructure its debt and restore its development capabilities in order to sustain its activities and maintain employment.
Financing through Convertible Bonds
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Metavisio has secured financing in the form of convertible bonds repayable in cash or shares (ORNANE) with a maximum amount of €500,000. A first tranche of €100,000 was drawn on March 17, 2026. The ORNANE will have a lifespan of 12 months and will be fully repaid at maturity. The investor is Multi Strategies SA, SICAV RAIF, a Luxembourg company. In the event of repayment in shares, the number of shares will be determined based on a stock price reduced by a 20% discount. The Company has committed to pay a conversion adjustment if the conversion price is lower than the nominal value.
Impact of Share Issuance on Capital Dilution
The issuance of shares resulting from the repayment of the €500,000 in ORNANE will lead to a dilution of capital. For a shareholder currently holding 1% of the capital (973,339,222 shares at the time of the announcement), their stake would decrease to 0.95% after the issuance of 50,000,000 shares. The equity per share would decrease from €0.24 to €0.18. The announcement specifies that the actual dilution could be significantly higher if the conversion adjustment is activated. The new shares could exert significant downward pressure on the stock price if they were sold quickly on the market.
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SectorMachines et équipements industriels›Équipements électroniques
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 7,6 millions d'euros
Quarterly revenue: 7,6 millions d'euros
Net income: 0,1 millions d'euros
Guidance from the release
« Les perspectives du marché du B-to-B, avec la signature des premières références THOMSON a l UGAP... assurent un volant de chiffre d'affaires, une rentabilité retrouvée » (langage qualitatif sans chiffrage, approche prudente)
Risks mentioned
Résultats encore en cours d'audit à la date de publication
Absence de chiffres financiers précis publiés, limitant la visibilité sur la rentabilité réelle
Opportunities identified
Résultat d'exploitation et résultat net positifs pour la première fois depuis 14 ans au 1er semestre 2026
Augmentation des prix des produits IT et amélioration des marges se poursuivant au 2ème semestre
Signature des premières références THOMSON avec l'UGAP (centrale des achats de l'État)
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
