MADRID, 26 (EUROPA PRESS)
The first section of the Mercantile Instance Court of Seville has agreed to judicially approve the company’s debt restructuring plans approved by Ezentis at the Meeting on April 21, backed by more than 90 percent of favorable votes, as reported by the company in a statement.
Ezentis and its subsidiaries Ezentis Field Factory, SLU and Ezentis Tecnología, SLU signed the plans for the restructuring of its debt. That same day, Ezentis filed a request for judicial approval of the Restructuring Plan before Section 1a of the Mercantile Court of Seville.
Through this approval, the company’s restructuring plans are given full effect, making effective the restructuring measures contained therein, giving effect to the Viability Plan Annex to the Restructuring Plans.
Likewise, the extension of the effects derived from the Restructuring Plans to the credits owned by creditors who have not signed the Restructuring Plan in accordance with the provisions of article 649 TRLC is agreed.
The irrescindibility of the acts carried out in execution of the Restructuring Plans is also declared, in accordance with the provisions of article 667 TRLC and it is declared that the commercial and operational contracts formalized prior to the request for judicial approval of the Plans of Restructuring cannot be resolved, by virtue of the provisions of article 618.2 TRLC.
On the other hand, the condition of interim financing and new financing is recognized for the instruments granted under the terms of articles 665 and 666 TRLC by virtue of the Restructuring Plans and the irrescindibility of the Interim Financing and the New financing granted by virtue of the Restructuring Plans.
Finally, the dismissal of all credit execution procedures affected by the Restructuring Plans is agreed.
The shareholders of Ezentis approved the restructuring of the company’s debt with a removal of 80% of the 143 million euros of debt and a segregation of the company into two, a company with the computer business and another ‘newCo’ with the business of telecommunications.
The meeting had a ‘quorum’ of around 35% of the shareholders, who supported the restructuring presented by the company and its advisors Deloitte and Garrigues by more than 90%.
The new structure leaves the old Ezentis with the computer business of the group, which has 20% of the current business volume in Iberia, and 5% of the new company, which will be called Ratia Investments, SA