Brief: TerniEnergia Board Updates On Debt Restructuring, Reorganization Plan

algoWatt SpA

26/02/2019 14:32

Feb 26 (Reuters) - TerniEnergia SpA  TRNI.MI :
    * GREEN LIGHT FROM BOARD TO UPDATE OF RECOVERY AND RELAUNCH PLAN AND RELATED FINANCIAL
MANOUVRE
    * SAYS MERGER BY INCORPORATION OF SOFTECO SISMAT SRL INTO TERNIENERGIA, TO BE COMPLETED BY
THE END
OF 2019
    * GUIDELINES: PLAN FOR DISPOSAL OF ASSETS RELATING TO PHOTOVOLTAIC AND ENVIRONMENTAL SECTORS
    * FINANCIAL MANOEUVRE: ACCELERATED DEBT REPAYMENT OVER THE TWO-YEAR PERIOD 2019-2020
    * BOARD RESOLVED TO CONTINUE NEGOTIATIONS WITH CREDITORS AND BONDHOLDERS BASED ONPROPOSED
PLAN
    * BOARD HAS AIM OF CONCLUDING NEGOTIATIONS AND DEFINING PLAN BY 30 JUNE 2019
    * SAYS AS A RESULT OF DISPOSALS,  PLAN PROVIDES FOR A TOTAL FINANCIAL BENEFIT OF
APPROXIMATELY
EURO 115.8 MILLION
    * CASH FLOWS FROM DISPOSALS WILL CONTRIBUTE TO OVERALL EARLY REPAYMENT OF DEBT OF ABOUT 43%
BY
END-2020
    * EXPOSURES AT END-2020 WOULD BE REPAID WITH FLOWS FROM OPERATIONS UNTIL FULLY DISCHARGED BY
DEC
2026

Source text for Eikon:  ID:nBIA2F3yg8 
Further company coverage:  TRNI.MI 

 (Gdynia Newsroom)
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))