Agreement made between Sorgenia and the creditor banks. The electricity group has renegotiated the repayment of the debt with an agreement that will enter into force by the end of the year with the approval of the Court of Milan. This was announced in a press release from the company which underlines the "clear improvement in the overall financial structure, the extension until 2027 of the period for repaying loans, with greater flexibility and improved economic conditions".
The agreement provides that 180 million euros will be transformed into a loan by converting into equity instruments, thus giving greater strength to the financial structure of the Group, which at the end of 2016 had in any case reduced its net debt to 883 million (it was 1,7. 2015 billion in March XNUMX).
"Thanks to cash and cash equivalents which reached 2017 million in June 430 - continues the note - at the end of July the Group was able to make an initial early repayment of 170 million and expects to be able to repay another 150 million by the end of the year, while maintaining cash in excess of 100 million to meet any operational requirement”.
“This agreement completes the company's recovery from a financial point of view, already achieved in the meantime from an industrial, commercial and economic point of view” comments Gianfilippo Mancini, Sorgenia's CEO. “I am particularly satisfied because the recovery and relaunch of Sorgenia represent a success both for the banking system, which can now count on seeing its loans repaid, and for Italian citizens and businesses, who can now count on a highly innovative operator and competitive to meet their energy needs.”
On 14 July, the shareholders' assembly approved the 2016 financial statements with an EBITDA of 122 million euros, a net profit of 15 million euros and a shareholders' equity of 376 million euros, showing strong growth compared to the previous year.
For the transaction, the company was assisted by the advisors "Lazard" and "Gianni Origoni Grippo Cappelli & Partners", while the banks by the advisors "Rothschild" and "Molinari e Associati".
