No extra time. The Ligresti holdings Sinergia and Imco have reached the end of the line. The Court of Milan has decided for bankruptcy by rejecting the request for another two weeks to develop a rescue plan (and convince some institutional investors to rescue) made by the lawyers in yesterday's hearing after the 40-day extension already granted by the court on May 2. The overall hole was quantified at 400 million euros. “Companies do not have the liquidity to meet their commitments, considering themselves, also taking into account the tax risks, un cash deficit for the former between 29,8 and 32,1 million and for the latter between 52,2 and 72,6 million euros“, wrote the judges in the sentence adding that the fact that the restructuring operation of Sinergia and Imco was entrusted to the Hines fund demonstrates how the banks have not shown adequate availability for the restructuring plan. "The creditor banks have not shown their willingness to directly finance" the restructuring agreement" of Imco's debt, wrote the judges Filippo Lamanna, Roberto Fontana and Filippo D'Aquino, explaining that the agreement with the creditor banks "is not ' was by no means achieved”.
The request of the prosecutor Luigi Orsi was thus accepted, who yesterday opposed a postponement. The prosecutor had explained that there was in the draft of the rescue plan uncertainty regarding the investors who would have had to subscribe to the units of the Hines real estate fund, which would have had to take on 243 million in debt and pay 50 million in cash. Not only. Serious doubts for the prosecutor weighed on some suspicious transactions still in progress by Imco and Sinergia with related parties and which would have drained resources above all from Milan Insurance.
Already because some of these listed companies are precisely the links with other companies that have pushed the judges towards the bankruptcy decision. The provision speaks of: "risks of polluting the market values of equity investments and market manipulation relating to associated companies, some of which are listed on the stock exchange". Also for this reason "a further deferment" could not be granted, also considering the fact that "the request for postponement" was not supported "by sufficient elements of seriousness".
On the Stock Exchange after the verdict on the collapse of Sinergia and Imco, Premafin continues the session, initially down and then rebounding by 3,3% to then reduce its gains to +0,9%. In the same hours, Premafin also formalized the signing of the debt restructuring agreement with the banks in a note. The plan is based on the integration of the Premafin Fonsai Unipol group and regards the syndicated loan for 322,5 million euro. Among the suspensions, the execution of the increase reserved for Unipol by 20 July.
"We are supporting the Unipol operation which, as far as we think of Unicredit and the other banks, is the only viable one at the moment", said the CEO of UniCredit Federico Ghizzoni. The CEO of Piazza Cordusio has no repercussions from the collapse of the Ligresti holdings: "the two things are linked by the common thread of the family, but the companies are separate" explained Ghizzoni before the bankruptcy of the holdings was declared.
The assistant prosecutor Luigi Orsi can now proceed against Salvatore Ligresti also for the bankruptcy crime.
Fonsai yields 1,43% after specifying in a note that it has not accepted Sator Palladio's offer as indicated by some press rumors (but only the willingness to evaluate it) while Milano Assicurazioni rises by 1,6%.
