The restructuring of the Sorgenia debt, with the transfer of control to the banks, seems to be reaching a conclusion. This morning's meeting among the bankers made it possible to take stock of the situation and to make some slight changes to the restructuring plan following the observations sent in recent days by shareholders Cir and Verbund.
In a letter that will be sent to shareholders in the next few hours, the creditor banks - which will rise to 98% of the energy group's capital through the conversion of 600 million credits into equity - will in fact propose the final bailout, making some small concessions on the earn out, in particular as regards its duration, which would be extended to five years.
Recognizing the company's current shareholders' equity as zero, the earn-out is a mechanism that provides for remuneration of the historical shareholders in the event that the credit institutions - having repaid the debt - manage to sell Sorgenia realizing a capital gain on the current capital contribution.
The institutes' proposal could thus represent one of the last stages of the reorganization, which could soon be defined in its main points even if it will then take a few months for the actual closing with the fulfillment of all the formal steps linked to the change of control governed by 182-bis.
