Brief: Dmail Group to deposit its proposal of composition with creditors on Sept. 8

Ops Retail SpA

08/09/2015 07:37

Sept 8 (Reuters) - Dmail Group SpA  DMA.MI : 
    * Said on Monday to deposit its proposal of composition with 
creditors in the Court in Milan on Sept. 8 
    * Composition with creditors envisages that the company 
continues to run its business according to a business plan that 
covers a time span until 2018, corresponding to two years from 
the irrevocable approval of the composition with creditors 
    * To cancel the capital increase part of the restructuring 
agreement that the Court in Milan approved on July 31, 2014 
    * To approve a reserved capital increase, subject to the 
approval of the plan and proposal of composition with creditors, 
for a total amount of 16,197,400 euros ($18.16 million), of 
which 8,197,400 euros have already been paid 
    * The remaining 8 million euro capital increase is reserved 
to DHolding Srl, a Dmail shareholder that owns a 28.4 percent 
stake in the company 
    * Shareholder DHolding Srl commits to acquire the credit 
that Dmail owes to Odissea Srl and D.Print SpA for the value of 
4,698,400 euros and 3,225,000 euros respectively 
    * Shareholder DHolding Srl commits to vote in favour of the 
capital increase, subject to the approval of the plan and 
proposal of composition with creditors, at the shareholders' 
meeting 
    * DHolding Srl commits to fully subscribe to the capital 
increase reserved to the shareholder in one tranche and to pay 
7.9 million euros when the composition with creditors is 
approved 
    * Shareholder DHolding Srl to provide credit guarantee for a 
maximum amount of 8.0 million euros as part of the capital 
increase that the shareholder committed to subscribe 
    * To sell in an estimated time span of one year from the 
approval of the composition with creditors the properties in 
Sieci (Florence) and Bomporto (Modena) in order to pay back the 
mortgage creditor Banca Nazionale del Lavoro SpA 
 
     
  
     
 Source text for Eikon:  ID:nBIA0739a  
     
 Further company coverage:  DMA.MI   
    
 
 
 
($1 = 0.8921 euros) 
 
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