Visibilia suspended on the stock exchange, judicial administrator appointed

Shares in Visibilia Editore have been suspended from trading. This was announced by Borsa Italiana in a note. In recent days, the Court of Milan had appointed Turin-based lawyer Maurizio Irrera as judicial administrator of Visibilia Editore for a period of six months. The judges had also revoked the appointment of the company's current board of directors.

The reorganisation at the top of the group was made official in a statement issued by Visibilia itself. Irrera has the task of providing management and, in particular, equipping the company - which had had Daniela Santanchè as its chairman until January 2022 - with adequate organisational, administrative and accounting structures, setting up an internal treasury service; replacing the investor relator revoke the administrative body of the subsidiary Visibilia Editrice and call a shareholders' meeting for its replacement; verify that the capital increase resolved by Visibilia Editrice provides sufficient resources to support the recovery plan and, in any case, take any action useful for the successful outcome of the negotiated crisis resolution procedure already pending.

Last Friday, 1 March, the business section of the Milan Civil Court ordered the company to be placed under receivership, highlighting serious criticalities in the accounts and management of the spa, and accepting the request of the deputy Laura Pedio and the public prosecutor Marina Gravina and a group of minority shareholders, with the lawyer Antonio Piantadosi.

The court speaks of a 'listed' spa that is no longer financially viable, with 'irregularities' and a 'potential pollution' in the balance sheets, with no employees and with a formally external company, whose majority shareholder is Daniela Santanchè, namely Visibilia Concessionaria, which 'continues to manage the administration and treasury', making 'choices also regarding payments' to creditors.