Italtel, a multinational Information & Communication Technology company that designs and implements engineering solutions and services for digital transformation, announced in recent weeks that the Court of Milan, with the hearing of 9 December 2021 and decree no. 47652/2021 of 10 December 2021, has approved the arrangement procedure proposed by the company in the form of indirect business continuity pursuant to Article 186-bis of the Italian Civil Code. The proposal was deemed well-founded and suitable for the relaunch of the company and the satisfaction of creditors, in light of the new elements introduced in recent months and the multiple guarantees provided.
The proposal was updated in early September following the fund's entry into Italtel's plan, which already had a Clessidra Capital Credit SGR S.p.A. in Italtel's plan, which already counted on the presence of the PSC Group and of TIMThe proposal had been updated in early September following the fund's entry into the Italtel plan, which already counted on the presence of the and of TIM, marking an improvement due both to a greater contribution of financial resources and to the conversion of a portion of credits into capital. The creditors' meeting, which began voting at the hearing on September 29, approved the plan by a very large majority, representing 91.89% of the eligible claims.
The transaction involves a capital increase of €56.3 million with PSC holding 53.66%, Clessidra Capital Credit 28.62% and TIM, 17.72%. As part of this, the cash capital increase is approximately EUR 48 million (of which EUR 29.9 million by PSC Group, EUR 9 million by TIM, and EUR 8.7 million by Clessidra) and that by credit conversion by Clessidra and TIM is a further EUR 8.5 million.
Italtel thus enters an important industrial group, from which numerous synergies can be derived, and has a robust financial structure capable of supporting its development plans.
The industrial plan of the new Italtel
Italtel's new business plan is based on three pillars: 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 next-generation 5G networks and Open RAN; and the specialised design of ultra-broadband both in the domestic market, for telco operators, companies and public administration, and internationally.
"The homologation of the composition with creditors concludes positively a complex process that lasted over a year, during which Italtel has shown 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, Chairman of Italtel. "Strengthened by a new shareholder structure, to whom we would like to extend our sincere thanks for having supported the business plan and believed in the value of this company, Italtel can continue along an industrial path 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 unrepeatable opportunities that the PNRR makes available," said Stefano Pileri, CEO of Italtel. "Today's Italtel draws strength from an industrial path that has been able to express undisputed technological value and ethicality, and is projected into the future with the objective of working to improve the competitiveness of its customers and economic systems, and to do so by acting in a sustainable and inclusive manner. 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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