This is due to the reorganisation signed on March 27th between GF Group and Carige and Carisa (holders of 40% of the debt) as well as Unicredit, Mps, Intesa, Bnl, Banca Popolare (for the remaining 60%). The agreement ensures the relaunch of the group after a few difficult years due to the diversification of the business into non-core sectors that were affected by the crisis.
The main elements of the industrial and financial plan are:
■ Increase in capital of €18 million, already undersigned by 75% of the current company structure, by July 15th with the possibility of reaching all quotas;
■ Focus on core business activities;
■ Dismissal of all non core activities for a total value of €78 million;
■ Rescheduling of the debt with issue of Participative Financial Instruments for €42 million.
■ New governance: a new BOD made up of independent members, one of which representing the credit institutes. A new CEO will also be appointed.
The agreement has the objective of relaunching the Group thanks to the maintaining of all core business value chain strategic phases (production - sea transport - import - distribution) and it represents the basis for new future alliances, which are essential in such an evolving sector.
----