The MPS Foundation and the 12 creditor banks of approximately 1,1 billion euro of debt guaranteed by a pledge in shares of the MPS bank have reached a agreement for the partial repayment of 664 million of debt and the renegotiation to 2017 of the residual amount of 350 million.
This was stated by a source of the Foundation, explaining that some signatures are still missing for the official status. "The agreement has been reached and provides for the repayment of 664 million to the 12 creditor banks", he explains, clarifying that therefore the agreement concerns both the pool of 11 banks led by JP Morgan for a debt block and the other table with Credit Suisse and Mediobanca (which is also between 12) for a debt on a derivative.
"The residual debt is due in 2017 with the option for the Foundation to extend it to 2018", added the source, also clarifying that "the standstill has been moved to the beginning of June, I believe to June 8th". The standstill freezes the effectiveness of the contracts between the Foundation and creditors to prevent the banks from being able to enforce the pledge and take the Foundation's share in MPS in the absence of repayment of the debt due.
Foundation to repay the debt has surrendered both to the blocks and for a 4% to the Aleotti family which controls MenariniLittle
less than 13% of Mps, falling to 36,5% from 49,1%.
