Micoperi’s shareholders reject new restructuring plan
The company's proposal has been rejected, although CEO Bartolotti is still confident: “We had just one dissenting vote, but our group is wealthy, we'll try again next month”
Micoperi, Ravenna-based contractor recently tackling a tough financial crisis, had called in bondholders, who subscribed 35 million Euro loan in 2015, asking them to waive their right to get early repayment of the loan, to accept the amendment of some regulations and particularly, to reschedule deadlines.
The latter proposal was slightly revised before the meeting, suggesting to start repaying the equity as from the end of February 2018 instead of early 2019, although still raising interest rate from 5.75% to 6.5%.
The statement was signed by Managing Director Silvio Bartolotti, who also illustrated that, nonetheless, “bondholders didn't approve any proposal. Almost 55.2% issued and not repaid loans attended the meeting and the ballot – which needed at least half of the votes – showed the following results: 3 approvals, representing 16.3% bonds, 2 abstentions (14.9%) and a dissenting vote (24%)”.
Despite the fact that, repayment scheme, as asked for by Micoperi, was not amended, the company should currently start repaying the second part of the loan (3.5 million Euro) as envisaged in the agreed scheduling, nevertheless Bartolotti is seemingly not particularly concerned about the result: “A single bondholder showed dissenting vote based on nonsensical reasons, therefore we confide all other lenders will acknowledge the fact and approve the plan next month when we'll submit it again”.
The only dissenting vote, would affect currently negotiated debt restructuring plan: “Banks approved the plan and agreed to accept payment standstill until late 2018, however they would only proceed when all stakeholders approve all submitted clauses”.
Despite regretting for having issued the bond - “I was given some bad advice, I thought this was a demanded step to be listed on the Stock Market, while immediate listing would have been less binding” - Bartolotti confides Micoperi will be relaunched: “Debts exist of course, however we don't have to forget the company's assets, starting with 250 million Euro ships. Furthermore, unlike several other companies engaged in this sector, Micoperi continued operating throughout the worst crisis which affected the oil&gas industry, without any need for redundancies. Substantial orders are in progress, proper investments were made and dividends were never allocated. In essence the company will return to profit this year or, at the latest, next year and will repay all lenders as we always did”.