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HomeLatest NewsThe Justice gives the go-ahead and approves the restructuring plans of Ezentis

The Justice gives the go-ahead and approves the restructuring plans of Ezentis

Date: June 5, 2023 Time: 05:09:16

The First Section of the Mercantile Instance Court of Seville has approved the encryption plans of the Ezentis group, by which the company is divided into two companies, one technology, of which 100% will remain, and another telecommunications, in which which will participate with 5%, as well as the reduction of the share capital to 60,000 euros.

Through privileged information communicated this Thursday to the National Securities Market Commission (CNMV), Ezentis has indicated that the order agrees to the extension of the effects derived from the plans to the credits owned by creditors who have not signed the plan restructuring.

Likewise, the irrescindibility of the acts carried out in execution of the restructuring plans is declared and, in turn, that the commercial and operational contracts formalized prior to the request for judicial approval of the same cannot be resolved. The condition of interim financing and new financing to the instruments is also recognized, and the dismissal of all procedures for the execution of credits affected by the restructuring is agreed.

The Ezentis Shareholders’ Meeting held the group’s restructuring plan on April 21, which proposed a removal of 80% of the 167 million euros of debt and a capital reduction of 139 million. The group, dedicated to the installation and maintenance of communication infrastructures, earned 32.1 million euros in the first quarter of 2023, 61.2% less than in the same period of the previous year.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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