(Alliance News) - Fabilia Group Spa on Monday announced that the board of directors, having noted the continuation of the uncertain economic and financial framework

in which the company is operating and in particular the loss of strategic assets brought about by the non-renewal of the lease contracts for the facilities in Milano Marittima and Montegrotto Terme, and having heard the opinion of the legal advisor, found that the concrete prospects for the Fabilia Group's projected recovery plan had failed.

In addition, the note says, "also taking into account the negative outcome of the negotiations conducted in the past weeks by the representatives of the Fabilia Group with potential investors interested in pursuing acquisition operations, the board of directors resolved to abandon the path of the Negotiated Settlement and the application of the protective measures confirmed by the Court of Ravenna, since an objective difficulty for the Group to restore the financial and economic balance of the companies has emerged."

The board of directors, having heard the opinion of the legal advisor, "will identify the most suitable crisis resolution tool in light of the new situation that has arisen," the company communication concluded.

Fabilia closed Monday's session flat at EUR0.55 per share.

By Maurizio Carta, Alliance News reporter

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