Fenix ​​Entertainment towards application for composition with creditors in continuity

Fenix ​​Entertainment towards application for composition with creditors in continuity

(Finance) – Fenix ​​Entertainmenta company listed on Euronext Growth Milan and active in the production of film and television content, recorded a value of production as of September 30, 2023 equal to 21.1 million euros (+17%), and is made up of 13.1 million relating to the parent company and 8 million relating to the subsidiaries. The increase is mainly attributable to the parent company and mainly relates to the increases for the advancement of the films Here After (by director Robert Salerno) in co-production with ClaRo Production and of the film Garbage Man (by director Alfonso Bergamo), in co-production with GiKa Production.

The Board of Directors evaluated and decided to approve the presentation, before the competent Court, of the application for admission to the pre-agreed, pursuant to art. 40 CCII (subject to art. 44 CCII) based on the submission of an application for continuous preventive agreement within the term that will be assigned by the competent Court or possibly for approval of an agreement a restructuring agreement pursuant to art. 57 CCII. The lawyer Francesco Marotta was appointed as legal advisor.

“The protection of the procedure provided for by law may also allow an effective continuation of industrial activity of the company also according to the relaunch objectives based in particular on the recently launched international projects – we read in a note – The company believes that the overall measures that will be adopted with the help of its consultants will allow it to safeguard the company assets , also as a guarantee for creditors, in order to overcome the current financial tensions, with a view to business continuity”.

The Board of Directors has identified in Giuseppe Nicolò a figure of vice president to whom no delegations and/or substitutive powers are attributed, but which will have the function of carrying out market scouting activities to select activities to be subjected to evaluation by the board of directors and/or the delegated bodies (president and general manager).

(Photo: Krists Luhaers on Unsplash)