Exprivia, a company listed on the MTA market of Borsa Italiana, communicated that the Board of Directors of Italtel has resolved to accept the binding offer of PSC Partecipazioni SpA in support of a composition proposal. The PSC proposal, with a capital investment of 44 million and with the availability of new finance for 30 million, it was deemed the best in the light of the Industrial Plan which makes it possible to support the acceleration of the company by seizing the opportunity of the digitization of strategic infrastructures, of the financial endowment which ensures the rebalancing and solidity in the short-medium term and, finally, the satisfaction of creditors.
As already known, on 31 March 2020 Italtel, of which Exprivia currently holds 81% of the share capital, filed an application for an “blank” arrangement pursuant to and by effect of art. 161, sixth paragraph, of the Bankruptcy Law. The deadline for filing the composition plan has been set for 5 February 2021, which cannot be further extended. The offer by PSC Partecipazioni, accepted by the Board of Italtel, remains in any case subject to the approval of the composition proposal by the creditors, and to the approval by the competent Court, in accordance with the applicable laws. Exprivia reserves the right to monitor the execution of the PSC proposal and to evaluate any forthcoming development in its own interest and in the interest of its shareholders.
“I am happy to be able to celebrate our 100th anniversary by giving new impetus to the industrial path, which began in 1921 and is uninterruptedly dedicated to the development and improvement of communications, so important in the world – commented Stefano Pileri, CEO of Italtel -. In Europe, with the Next Generation Europe plans, a new development season is opening up in which we will have the possibility to contribute significantly, since the networks will be the protagonists of this future”.
