The game has ended Sorgenia. Cir e composite have signed an agreement with the banks for debt restructuring. The energy group has signed a moratorium agreement with the same lenders.
The debt restructuring process of Sorgenia envisages, among other things, a capital increase of 400 million euros in which the current shareholders will not participate and which will be entirely subscribed by the banks through the conversion of credits in the company's capital.
The banks are also expected to convert credits for an amount equal to 200 million euro into a convertible loan.
Once the transaction is completed, Sorgenia Holding and Verbund Ag will no longer hold Sorgenia shares. For the direct shareholders Sorgenia Holding and Verbund, however, an earn-out is envisaged on the basis of which, in the event of future distributions or realisations, the two subjects will receive 10% of the amount obtained that exceeds the capital subscribed by the lending banks capitalized at 10% annually.
Today at the opening in Piazza Affari, the Cir stock loses half a percentage point, a 1,01 euro.
