Tisg: opts for Sri’s bid and applies for an arrangement with creditors under indirect continuity

(Il Sole 24 Ore Radiocor) - Tisg’s board of directors has selected, from among the five binding offers received, the one submitted by Sri Group for the entire complex and has identified the arrangement with creditors involving indirect continuity as the most appropriate means of fulfilling the legal obligations incumbent upon Tisg as a result of its crisis situation. The bid submitted by Sri Group Global Limited is therefore the reference bid on which the crisis resolution plan will be based; this plan is due to be submitted to the Court of Florence today. The composition proposal to be filed today therefore provides, amongst other things, for the sale of the business complex to the purchaser – currently provisionally identified as Sri – for a consideration of 220 million; the leasing of the business to the purchaser for the period until the sale is finalised; the settlement of creditors, categorised into classes in accordance with the rule of absolute priority, including payment of procedural costs and other pre-deductible claims, full payment of all preferential claims and payment of unsecured claims amounting to approximately 10 per cent, with no payment to subordinated creditors.

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