Expected for today the new meeting between Sorgenia and the pool of banks to deepen and file some points of the energy group's 1,9 billion debt restructuring plan. The meeting takes place at advisor level and could allow for a significant approach to the scheme which will then be submitted to the Sorgenia board of directors for its approval.
There are essentially two more delicate issues on the negotiating table: the conditions of the 200 million convertible loan (which will contribute, together with the 400 million capital increase, to intervene on the excess debt for 600 million) and the guarantees, starting with the sureties, which will be made available by the banks in a total package of new finance worth 256 million.
The possible go-ahead from the Sorgenia board of directors for the plan, it should be remembered, is certainly significant but the final outcome of the reorganization will then depend on the decisions of the shareholders, Cir and Verbund, who will be called upon to express their opinion on it at the meeting. In this regard, a meeting between shareholders (the Verbund, up to now absent from the negotiating tables) and banks is also expected to take place on Wednesday.
It will be the first round, albeit not between leading exponents of the peers, of what could be the final rush of the negotiations. “Perhaps we have come to the point. Intelligence should be such as to allow for a dialogue that resolves the problem”, said the CEO of Banco Popolare, Pierfrancesco Saviotti yesterday.
Looking forward to the meeting, today the Cir group (which holds Sorgenia) gains 1% a 1,097 euros around 10.
