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Sorgenia, plan by 19 banks to convert credit into property

According to financial sources, the banks are working to present a plan to convert the 600 million euro excess debt to Sorgenia within the week.

Sorgenia, plan by 19 banks to convert credit into property

Montepaschi, Intesa Sanpaolo, Unicredit, Bpm, Banco Popolare, Ubi and 13 other creditor banks are one step away from getting their hands on Sorgenia: the news was reported by the newspaper La Stampa, according to which the energy company of the De Benedetti has in fact accumulated debts of 1.863 billion euros and the Cir holding company, also owned by the De Benedetti family, could therefore lose control.

In a nutshell, the banks would like to propose a plan to Sorgenia that would convert 600 million of debt into "ownership": translated into a nutshell, the banks could become owners of almost 100% of Sorgenia's capital. After the indiscretion, at the opening of the markets the Cir share starts slightly negative, with -0,18% at 1,111 euro.

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