Brief: Algowatt Signs Settlement Agreement With Major Supplier Foreign Unit, Debt Written Off For EUR 7.5 Mln

algoWatt SpA

04/08/2022 17:30

Aug 4 (Reuters) - algoWatt SpA  ALW.MI :
    * SUBSCRIBES SETTLEMENT DEAL WITH A MAJOR SUPPLIER OF A
FOREIGN
SUBSIDIARY OF GROUP
    * DEBT WRITTEN OFF FOR EUR 7.5 MILLION
    * DEAL PROVIDES FOR OFFSETTING CREDIT (AMOUNTING TO EUR 5.8
MILLION) AGAINST DEBT (AMOUNTING TO EUR 17.5 MILLION)
    * DEAL PROVIDES FOR PAYMENT OF OUTSTANDING DEBT FOR ABOUT
EUR 0.8
MILLION, AND PARTLY BY PAYMENT IN TWO EQUAL INSTALLMENTS,
AMOUNTING TO ABOUT  EURO 1.7 MILLION EACH, IN 2023 AND 2024
    * SETTLEMENT AGREEMENT IS IN LINE WITH WHAT WAS REFLECTED IN
GROUP'S RECOVERY PLAN APPROVED IN JUNE 2021

Further company coverage:  ALW.MI 

 (Reporting by Gdansk Newsroom)
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