Metavisio-Thomson Computing Seeks Judicial Reorganization
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.
Judicial Reorganization Procedure Initiated
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
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.
