Update on the status of the negotiations aimed at restructuring the Group
As already known by the market and, finally, confirmed by the Company with the press release dated 15thMay 2015 related to the approval of the Interim Report at 31stMarch 2015, there have been negotiations for about two years among the Company and the financing banks aimed to reach a financial debt restructuring agreement involving the entire Group and falling, for the Italian side, under the provisions of Article 67 of the Bankruptcy Law. The agreement would sort out the current situation of default, deriving from the standstill - by all Group companies - of the repayments of principal on bank loans starting from the instalments due on June 30, 2013 and the related accrued interests from the end of December 2014. Due to the slowness in the negotiations and a dry cargo freight market that is still deeply depressed, the Group cash flow forecast, checked by an Independent Business Advisor, highlight by the end of July 2015 a reduced amount of cash available, that would not provide for the Group an adequate liquidity reserve to meet the operating requirements and the market volatility.
In this context, the Group has proposed to the banks a series of standstill agreements (pacta de non petendo) to be formalized in a very short term, aimed at creating the conditions to carry on the activity and to conclude the negotiations on the restructuring agreement in order to sign the same by the end of September 2015, according to a precise term sheet.
Today the Board of Directors of Premuda SpA assessed that, in the absence of the formalization of the standstill agreements, it is not possible to execute a series of significant divestments of assets as per the plan proposed to the banks, which would allow to overcome the current liquidity crisis for the entire Group.
The Board of Directors also resolved to hold the meeting open to follow the evolution of the ongoing negotiations and promptly take any subsequent decision, in view of the next Shareholders' Meeting convened on 29 and 30 June 2015 respectively in the first and second call. The Shareholders Meeting, in fact, is called to approve the project of the annual accounts 2014 in respect of which - in the absence of the signature of the standstill agreements - the uncertainty on the existence of the going concern basis already evidenced in the relevant paragraph 'Going Concern Assessment' now seems further and significantly increased.
Company contacts : Marco Tassara/Elena Bertone tel +39 010/54441
Email: mngmt.secretary-ge@premuda.net
Web site: www.premuda.net

22.06.2015
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