Brief: CHL Says Will Have To File For Insolvency If It Does Not Manage To Cover Losses With Cash Call

Centro HL Distribuzione SpA

18/12/2018 16:54

Dec 18 (Reuters) - Centro HL Distribuzione SpA  CHL.MI :
    * REPORTS SUBSCRIPTION OF 2.1 PERCENT OF RIGHTS ISSUE
    * SHAREHOLDERS DID NOT TO FULFILL THEIR OBLIGATION TO SUBSCRIBE FOR TOTAL OF EUR 1.9 MILLION
DUE
TO RIGHT ISSUE AND CASH TRASFER TIMING
    * SHAREHOLDERS WHO MADE BINDING COMMITMENT TO RIGHTS ISSUE WILL TRANSFER MONEY WHICH WILL BE
USED
TO SUBSCRIBE UNOPTED SHARES
    * WILL NOT BE ABLE TO COVER FINANCIAL NEEDS IF CASH CALL SUBSCRIPTIONS AMOUNT ONLY TO
COMMITMENTS
BY SHAREHOLDERS
    * WILL HAVE TO USE INSTRUMENTS IN COMPOSITION WITH CREDITORS AND BANKRUPTCY LAW IF CASH CALL
DOES
NOT COVER FINANCIAL NEEDS
    * ESTIMATES IT HAS ENOUGH LIQUIDITY UNTIL FEB 28, 2019
    * IF SHAREHOLDERS DO NOT COMPLY WITH THEIR SUBSCRIPTION COMMITMENTS, COMPANY WILL HAVE
ENOUGH
LIQUIDITY UNTIL JAN-END

Source text for Eikon:  ID:nBIA1Qyyr0 
Further company coverage:  CHL.MI 

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