Brief: Acotel reaches settlement agreement with Intesa Sanpaolo over Noverca
21/03/2017 14:13
March 21 (Reuters) - Acotel Group SpA ACO.MI :
* Reaches agreement with Intesa Sanpaolo over settlement of dispute related to mobile
network virtual operator Noverca
* Acotel Group and Noverca Italia Srl (in liquidation) commit to not appeal to the judgment
the court of first instance of Turin on Nov. 17, 2016
* The agreement also provides for a reduction in the amount owed to the bank by Noverca from
about 6.2 million euros ($6.70 million) at Dec. 31, 2016, to 1.1 million euros, as a result of
Intesa Sanpaolo's forgiveness of the debt
* The debt has been transferred to Acotel Group, which paid 550,000 euros on the signature
of the agreement, and has undertaken the commitment to pay five further annual installments of
110,000 euros each
Source text: www.1info.it
Further company coverage: ACO.MI
($1 = 0.9247 euros)
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