Sorgenia avoided the liquidity crisis thanks to interventions on working capital, but the negotiations between the parent company Cir and le banks on debt restructuring of the energy company remains blocked. Meanwhile, the institutes continue to work on a plan B for acquire control of the company without the contribution of the current shareholders, or the holding company of the De Benedetti family and Verbund.
In recent days, Rothschild (adviser of credit institutions) would have accelerated the collection of adhesions from the 21 creditor banks for the most aggressive plan, which envisages the conversion of 600 million excess debt (out of 1,9 billion) into shares and instruments participatory. A project that the banks themselves, through two recent letters to Cir and Sorgenia, have already threatened, even if the doubt of some insiders is that this could also represent a tool to unblock the negotiations.
Yesterday Cir specified that Sorgenia is negotiating a restoration of banking operations, given that the almost total freezing of credit lines penalizes the company's business. In the next few days, it is plausible that there could be a discussion between Sorgenia and the banks on this issue, also because the divestments in sight (starting with photovoltaics) will lengthen the company's financial autonomy and potentially also the negotiation times.
This morning, as reported by Il Sole 24 Ore, the six institutions most exposed to the parent company (Mps, Unicredit, Intesa Sanpaolo, Bpm, Banco Popolare and Ubi Banca) will hold an update conference call on the status of the negotiations with Cir, starting from possible "plan b" to take over control of the group without the contribution of the current shareholders.
The banking institutes will probably also examine Sorgenia's request to unblock banking operations, starting with credit lines and sureties. In this regard, today's Il Messaggero reports that the main banks could soon release new finance for 65 million (in the form of invoice discounts and guarantees): a request solicited by the last board of directors of Sorgenia, which yesterday announced that it has in any case avoided the cash crisis thanks to interventions on working capital and disposals.
