Pro-Gest decides not to pay scheduled interest payments on €250m bond

According to Pro-Gest, the decision was taken "in light of the ongoing discussions between Pro-Gest and its primary financial creditors aimed at finalizing a plan to reshape the Pro-Gest group’s capital structure." And it was taken "with a view of preserving the liquidity position of the Pro-Gest Group while negotiations are still pending and cash flow projections are yet to be finalized in the context of the business plan review and revisitation of the capital structure," Pro-Gest explained.

 

At the end of February 2024, Pro-Gest had announced a new board of directors, composed of both independent directors and memebers of the Zago family, and appointed Mr Sergio Iasi as Chief Restructuring officer. 

 

At the end of April 2024, the group also informed that the new Board of Directors had been focusing on the reshaping and refocusing of the group’s industrial and financial plans, and that amid ongoing discussions with certain of its primary financial creditors, Pro-Gest decided not to approve its consolidated financial statements as of and for the year ended 31 December 2023.

 

Further updates to the market are to be announced as soon as available, the group said.

 

 

 

Source:https://www.euwid-paper.com/