(Finance) – Enertronica Santernoa company suspended from trading on Euronext Growth Milan and which operates in the energy and power electronics sector, has announced that the sentence approving the agreements was filed by the Court of Bologna today following the verification of the regularity of the procedure and established the extension of the effects of the restructuring agreements also towards non-participating bondholders, providing definitive clarity on all the points raised by the opponents.
The Court’s decision represents the final phase of a process that began with the company’s access to the negotiated settlement process on 23 July 2022. The approval sentence, immediately executable, gives formally starting the implementation of the recovery plan underlying the restructuring agreements, confirming their solidity and economic feasibility and thus giving business continuity to the company.
As envisaged by the recovery plan, the next steps in its implementation will be represented by complete reactivation of the supply and production cycle, through new finance (in addition to that already provided on an emergency basis); the commercial development of existing products and services and new products and services; improving efficiency in the procurement process; strengthening staff and consolidating technological skills over the years of the plan; the review of the capital structure; the contribution of new pre-deductible finance pursuant to art. 101 CCII post approval, in execution of the restructuring agreements; the conversion into equity of the credit claimed by the shareholders Carraro and NTS, for a total of approximately 6.7 million euros through a Newco which will be specifically established, whose shareholders will be the current private shareholders of the company and Oxy which will assume control and will lead the company’s turnaround and relaunch plan; finally, the conversion of the convertible bond into special shares cum warrants.