Italtel obtains approval of its business plan

The approval order issued by the Court of Milan marks the beginning of a new phase for Italtel, which is now part of an important industrial group and has a strong financial structure  

Milan, December 15, 2021 – Italtel, a multinational Information and Communication Technology company that designs and implements engineering solutions and services for digital transformation, announces that the Court of Milan, with the hearing of 9 December 2021 and order no. 47652/2021 of 10 December 2021, approved the composition with creditors procedure proposed by the company in the form of indirect business continuity pursuant to art. 186-bis of the Bankruptcy Law. The proposal was considered well-founded and suitable for relaunching the company and satisfying its creditors, in light of the new elements introduced in recent months and the multiple guarantees provided.

The proposal had been updated in early September following the inclusion of the Clessidra Capital Credit SGR S.p.A. fund in the Italtel plan, which already counted on the presence of PSC Group and TIM, marking an improvement due to both a greater contribution of financial resources and the conversion of a portion of receivables into capital. The creditors’ meeting, which opened on 29 September, approved the plan by a very large majority, 91.89% of the claims admitted to the vote.

The transaction involves a capital increase of €56.3 million, with PSC holding a 53.66% stake, Clessidra Capital Credit a 28.62% and TIM a 17.72%. In the transaction, the capital increase for cash is of approximately €48 million (of which €29.9 million by Gruppo PSC, €9 million by TIM, and €8.7 million by Clessidra) and the capital increase for conversion of receivables by Clessidra and TIM is of further €8.5 million.

Italtel joins an important industrial group, from which numerous synergies can be derived, and has a strong financial structure capable of supporting its development plans. This comes at a time when the country needs the support of its industrial excellence to implement the strategic infrastructures that accompany, as a key component, the NRRP.

Italtel’s new business plan focuses on three main areas: the provision of managed engineering, network operation and network security services, made more competitive by the company’s software development and automation skills; the acceleration of the development of innovative software products, dedicated to areas such as new generation 5G networks and Open RAN; and the specialised design of ultra-broadband services both in the domestic market, for telco operators, companies and public administrations, and internationally.

“The approval of the composition with creditors marks a positive conclusion of a complex process that lasted more than a year, during which Italtel showed strong resilience, cooperating constantly with the bodies that have handled the procedure and that we thank for the great attention shown to us,” commented Claudio Calabi, Italtel’s Chairman. “Strengthened by a new shareholding structure, to which we would like to extend our heartfelt thanks for having supported the business plan and believed in the value of this company, Italtel can continue a business journey that began in 1921 and has always been dedicated to the development and improvement of communications”.

“Italtel is strongly committed to Italy’s major infrastructure projects and is offering its technologies and services for the development of ultra-broadband and 5G networks that will enable the digital evolution of businesses and the public sector, allowing Italy to seize the unique opportunities that the NRRP makes available,” said Stefano Pileri, Italtel’s CEO. “Today’s Italtel draws strength from a business tradition of expressing undisputed technological value and ethics and is projected into the future with the goals of working to improve the competitiveness of its customers and economic systems and doing so by acting in an inclusive, sustainable way. Inclusion is the new objective of communication which, in its digital sense, should now be considered as an inalienable right of every person.”

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