Banks (including public ones) protect Class Editori (Milano Finanza and Italia Oggi)
The banks are setting up a safety net for Class, the group that publishes Mf / Milano Finanza and Italia Oggi, among other things. Here are all the details on what was communicated yesterday by the group founded by Paolo Panerai. Fernando Soto's article
The banks continue to help the Class editori group ( Mf / Milano Finanza and Italia Oggi ). Here are all the details.
WHAT CLASS EDITORI HAS COMMUNICATED
Class Editori, a publishing company listed on Euronext Milan, has signed an agreement implementing a recovery plan with various credit institutions. The latter is based on the industrial, economic and financial plan for the years 2022-2027 approved by the board of directors on 6 June and on the related financial measures.
THE MANEUVER (WITH CAPITAL INCREASE) ANNOUNCED BY CLASS EDITORS
The financial maneuver provides for a capital increase for 17 million euros, the immediate repayment of approximately 15.5 million euros of debt to member banks, the consolidation and progressive repayment over 5 years for a total amount of approximately 17.5 million, the write-off of part of the debt for an amount of around 30 million and the write-off of a further total amount of around 22 million euros, without prejudice to the company's obligation to pay the participating banks even a partial refund of the credit items waived by the institutes in the event that Class Editori achieves the EBITDA targets for the period 2022-2026 set out in the industrial and financial plan.
HERE ARE THE BANKS THAT PAMPER CLASS EDITORS
But which are the banks with which Class has concluded the agreement "implementing the recovery plan pursuant to art. 67 L. Fall "?. Banca Carige – Cassa di Risparmio di Genova and Imperia, Banca Monte dei Paschi di Siena (controlled by the Ministry of Economy), Banca Nazionale del Lavoro (Bnp Paribas)., BPER Banca, Banca Popolare di Sondrio, AMCO – Asset Management Company ( controlled by the Ministry of Economy), Banco BPM, Credit Agricole Italia., Intesa Sanpaolo, Unicredit and Kerdos SPV Srl (the "Adhering Banks", already subscribers of the debt rescheduling agreement of the Class Editori Group of May 2019 or transferees of the themselves) and as Loan Agency Services Srl agent
THE COMMUNICATION
The financial maneuver, according to the press release, relates to a corporate perimeter that does not coincide with the consolidation perimeter of the Class Group, as the subsidiaries Gambero Rosso and Telesia, both with financial instruments admitted to trading on Euronext Growth Milano, and the related financial debt are not included in the financial maneuver.
DETAILS ON THE CAPITAL INCREASE
With reference to the capital increase, the 17 million euros are expected to be divided as follows: Paolo Panerai, Deputy Chairman of the Board of Directors and Chief Executive Officer of the Issuer, for 3 million; Drifter, a wholly owned subsidiary of Andrea Bianchedi, for 8 million; Rome Communication for 3 million; Azimut Enterprises for 1 million; DDV Investments for 500 thousand euros; Camfin Alternative Assets for 500 thousand euros; Armanda Signorio for 500 thousand euros; and Portobello for 500 thousand euros.
THE ROLE OF PORTOBELLO
Portobello , a company listed on the Euronext Growth Milan market, owner of the homonymous retail chain and the ePrice portal, has joined the capital increase of Class Editori , a company listed on Euronext Milan, investing 500 thousand euros, against the approval of the broader reorganization plan of the publishing group agreed with and banks. The investment in Class Editori further strengthens the commercial agreement already in place with Portobello, which has allowed both companies to have benefits in terms of synergies and visibility. Pietro Peligra, President of Portobello, explained “our participation in the Class Editori group will allow us to further expand and diversify the Media & Advertising Business Unit of the Portobello Group through which to implement advertising bartering operations. This operation, therefore, is strategic in the current context of expansion of the retail chain ".
THE EDITOR CLASS ACCOUNTS AND THE NEGATIVE FINANCIAL BALANCE
From the latest half-yearly report of the group that publishes Milano Finanza and Italia Oggi , it emerges that "the actual net financial position shows a negative balance of 84.33 million euros as of 30 June 2022 compared to 83.13 million as of 31 December 2021" and that “Group shareholders' equity at 30 June 2022, net of minority interests, is negative for 26.32 million euro, compared to -23.36 million at 31 December 2021".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/le-banche-anche-pubbliche-proteggono-class-editori-milano-finanza-e-italia-oggi/ on Wed, 19 Oct 2022 06:15:42 +0000.