Brief: EAM Solar updates on P31 acquisition legal status

Eam Solar AS

23/09/2016 15:55

Sept 23 (Reuters) - EAM Solar ASA  EAM.OL : 
    * Gives legal status update on P31 acquisition 
    * Says has six separate legal proceedings in progress or 
recently finalised, and between two and four further civil and 
criminal legal processes underway to be formally initiated 
    * Says that as for proceeding in Criminal Court of Milan, in 
court ruling issued Sept. 13, the court judged that Aveleos SA 
is merely alter ego of Enovos Luxembourg SA and Avelar Energy 
Ltd and as such Enovos and Avelar are financially liable 
parties; next session is on Nov. 2, and in total eight trial 
sessions has been scheduled between November 2016 and March 2017 
    * Says that on June 9 Administrative Court of Lazio issued 
ruling that gave support and legal verification of termination 
decision by GSE, thus making termination lawful fact; earlier 
EAM appealed GSE's termination decision 
    * Says prosecutors office in Luxembourg currently handles 
criminal complaints filed by, among others, EAM Solar against 
Enovos Group and managing directors in Enovos 
    * Says civil action in Luxembourg contains damages claims in 
excess of 215 million euros  ($241 million) 
    * Says on Sept. 20 Aveleos asked court of Luxembourg for 
postponement of proceeding wherein  Aveleos summoned EAM in 
Luxembourg court with regards to standstill agreement between 
parties; postponement was granted until January 2017 
    * Says SPVs filed for voluntary liquidation and bankruptcy 
procedure with Bankruptcy Court of 
Milan on Sept. 22  
    * Says will will ask Bankruptcy court of Milan to review 
SPVs bankruptcy in light of Italian civil code article 1227 
    * Says EAM Solar ASA and EAM Solar Italy holding Srl have on 
Sept. 12 filed summons to Chamber of Arbitration of Milan 
against Aveleos SA with objective to have entire Share Purchase 
Agreement and associated agreements annulled  
    * Says in addition to reversal of all transactions, EAM is 
seeking damages for economic losses imposed on EAM through sale 
of P31 companies 
    * Says is in process of initiating further criminal and 
civil legal proceedings in Italy and Switzerland 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nGNE8GTdfP 
Further company coverage:  EAM.OL  
 
($1 = 0.8908 euros) 
 
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