Zucchi: the restructuring agreement approved

Vincenzo Zucchi SpA announces that it has received the approval of the bank debt restructuring agreement with the creditor institutions, an agreement that dates back to 21 March. The Court of Milan ruled in this sense with a decree issued on 4 June 2013.
The approved agreement will become effective 15 days after its publication in the register of companies and subject to the resolution of the shareholders' meeting, scheduled for next 28 June, on the capital increase in option to shareholders and on that reserved for the Lending Banks (Intesa Sanpaolo SpA , Unicredit SpA, Banca di Legnano SpA, Banca Popolare di Bergamo SpA, Banco Popolare Sc, Banca Nazionale del Lavoro SpA and Unicredit Factoring SpA).
The agreement provides for the confirmation of short-term lines of up to 87 million and a reduction of 15 million in medium/long-term exposure, totaling 42,6 million, through the subscription of ordinary shares by the banks at a price equal to three times that of the shares resulting from the rights issue. The remainder will be repaid with the proceeds deriving from the property disposal plan. The agreement is valid until 31 December 2017 and does not provide for the granting of real guarantees for the banks.
The execution of the capital increase is expected by 31 December 2013.