(Alliance News) - Fidia Spa announced Thursday that it has started the process with the Ivrea Court regarding the settlement of the last tranche provided for in the arrangement procedure and reserved for unsecured creditors, for a total amount of EUR1.5 million.

In fact, the relevant sums required for payment have been credited to the escrow account in the name of the procedure.

"With this step, Fidia achieves a crucial goal, fulfilling - in accordance with the established terms and timing - one of the pivotal commitments of the business continuity arrangement plan, aimed at the financial recovery of the group," the company said.

This latest tranche of payment follows the settlement of preferred creditors on June 27, 2023, totaling EUR5.2 million.

Fidia's path of financial reorganization and revitalization began in June 2022 with the publication by the Court of Ivrea of the decree approving the arrangement procedure and was made possible thanks to the financial support of Negma Group, through the convertible bond instrument, and the shareholders of Futuro all'Impresa, a company specializing in turnaround operations.

Based on this re-capitalization and with the help of the new management, Fidia is implementing a major business plan outlining the group's medium- to long-term development prospects. It is expected that this plan will be updated by the board of directors when it approves the draft budget for 2023, in order to take into account the results achieved in the last fiscal year.

"The guidelines of the plan are developed along a path of strategic and industrial repositioning of activities, with an emphasis on economic sustainability, development, and results orientation."

"It is with great satisfaction that we announce the start of the process that will lead to the conclusion of the arrangement procedure, with the payment of the last tranche to unsecured creditors, and we proudly confirm that we have complied with every step of the process as originally planned," said Luigi Maniglio, executive chairman of Fidia.

"Thanks to the success of our revitalization plan, the launch of strategic projects, as well as the history of excellence and international recognition that has always distinguished the company, we have been able to reaffirm our leadership in the sector, maintaining strong industrial relations with creditors and successfully completing the financial recovery process. We will continue to invest to ensure the financial stability and long-term success of the company. Fidia now presents itself as a renewed entity, ready to face future challenges with determination and recover a leadership position in the markets it oversees."

Fidia's stock is up 9.9 percent at EUR0.30 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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