There seems to be some glimmer of agreement between Cir and the main creditor banks of Sorgenia, but there is no agreement as the positions of both parties are still distant and different.
According to Radiocor, there are essentially two problems to be solved and they are interconnected: the capital contribution from the De Benedetti family holding company and the governance of the 'new' Sorgenia.
In fact, Cir remains firm on a contribution of up to 100 million euros, while the banks (which will convert 300 million of debt into shares, plus another convertible loan of 150 million) would like it to reach at least 150 million.
On the one hand, in fact, the credit institutes demand an important contribution from the shareholder, in exchange for their sacrifice in terms of debt conversion. On the other hand, Cir is not willing to contribute further and then become a simple minority shareholder (in the case of 150 million, an estimated 33% share) with respect to the banking block.
The goal is to quickly find a drop point that satisfies both sides.
