Compagnie Industriali Riunite S.p.A.

Equities

CIR

IT0000080447

Delayed Borsa Italiana Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-47.70%	-45.68%

Apr. 22	CIR bought back own shares for EUR609,000 approx.	AN
Apr. 15	CIR goes ahead with buybacks of its own ordinary shares	AN

Cir : update on the debt restructuring of Sorgenia

April 16, 2014 at 02:20 pm EDT

MarketScreener.com By The editorial team

Cir: update on the debt restructuring of Sorgenia

Milan, April 16 2014 - CIR S.p.A, following its previous disclosures and at the request of Consob, is releasing some updated information on the negotiations in progress regarding the debt restructuring of its subsidiary Sorgenia, partly in response to unconfirmed news items that have been circulating in the press in recent weeks.

The negotiations between Sorgenia and the lending banks are continuing. On April 4 the banks sent the company a working hypothesis for restructuring the debt, subject to certain conditions. As stated in the press reports, this document envisages, among other things, a rights issue for Sorgenia for a total of € 400 million to be offered to the shareholders and, for the part not exercised (total or partial) through the conversion of receivables of the lending banks into shares, the issuance of a mandatory convertible bond for € 200 million and some amendments to the company bylaws.

A few days ago the Board of Directors of Sorgenia, while acknowledging the proposal made by the banks, decided that for the aspects for which it has competence certain points in the document needed to be clarified and analysed further in the interest of the company, and gave a mandate to management to start discussions with the lending banks. The Board of Directors will meet again when these analyses and discussions are over to express a definitive opinion on the matter. At the same time CIR S.p.A., in its role as shareholder and for the aspects for which it has competence, is evaluating its own position. To date it is not possible to know when the negotiations for the restructuring of Sorgenia's debt will end.

16 April 2014 | 19:40 CEST

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Company Profile

CIR SpA Compagnie Industriali Riunite is an Italy-based company. The Company structures its business into five sectors: Energy, Media, Automotive Components, Healthcare and Non-core Investments. In the Energy sector, the Company is active in the generation of electrical power and distribution of natural gas. The Media sector is focused on publishing, radio, television and Internet portals operation. The Automotive Components sector is primarily engaged in the production of engine systems and suspension components. In the Healthcare sector, the Company is active in the operation of nursing homes and rehabilitation centers, as well as in the provision of hi-tech medical services, such as diagnostic imagining, nuclear medicine and radio therapy. In the Non-core Investments sector, the Company is involved in venture capital funds, private equity funds and other investments.

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