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Five hedge funds have recently started contesting a year-old bailout plan of French media equipment group Technicolor at the Court of Cassation, the highest court in the French judiciary system, according to French media reports.

Technicolor’s CEO Frédéric Rose said these hedge funds were blackmailers, reported financial paper La Tribune.

Head-quartered near Paris, and listed on NYSE and Euronext, Technicolor S.A. is a French international provider of a range of video technologies, systems, finished products, and services to the media and entertainment industry. It used to be known as Thomson S.A. and Thomson Multimedia, but in January this year, the company changed its name to Technicolor, re-branding the entire company after its American film technology subsidiary. On November 30, 2009, Technicolor obtained approval for the opening of a "sauvegarde" proceeding from the Tribunal de Commerce de Nanterre.

The five hedge funds, which names were not revealed, have been contesting the bailout plan for a year now, first in court, then at the court of appea......................

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