Report: Screen Research Enters Receivership

Screen Research, a Nantes, France-based projection screen manufacturer, has been placed into receivership and is reorganizing, according to the French newspaper Ouest-France.

According to Ouest-France, Screen Research has been given six months to complete its plans under the court's protection.

Screen Research says its placement into French receivership, which is akin to Chapter 11 restructuring in the United States, will not affect its financial and legal standings in the U.S.

Yves Trelohan, CEO and founder of Screen Research, according to a Google translation, told Ouest-France that the company experienced "strong growth through 2007," but we "then felt the effects of global crisis."

In a statement released by Screen Research, Trelohan says, "We feel very positive about the timing of this program as we recently introduced our new Classic 2 product line and successfully launched our new ISF-certified MultiPix range of screen fabrics at the CEDIA Expo 2009, indicating a promising business quarter ahead."

Screen Research has addressed the situation with its distribution network. Mark Cichowski, CEO of Clarity AV International, a Screen Research rep in Southern California, sent an e-mail to dealers in which he acknowledges there is some uncertainty surrounding "Screen Research France being in a type of receivership."

Cichowski adds:

"[r]egulations for restructuring plans vary in different parts of the world, and the semantics of a 'receivership' versus a restructure plan may seem more dramatic than what is actually going on ... SR is positioned to come through this in a stronger position, both from a cash perspective and an overall organization."

Trelohan told Ouest-France that its business model "should be reviewed to ensure the sustainability of the company and prepare for recovery," which Screen Research expects in one year.