The Board of Directors of algoWatt, GreenTech Solutions Company listed on the Euronext Milan market of Borsa Italiana, which met yesterday under the chairmanship of Stefano Neri, adjourned to a subsequent meeting – to be held no later than Tuesday, 7 May 2024 – the decision on the filing of a final proposal of composition with creditors, pursuant to the CCII. This postponement was necessary because of the opportunity to verify the existence of an investment proposal from a third-party industrial party, which has expressed interest in the transaction, not yet substantiated in a binding offer. Should this circumstance not occur, the Company will take the consequent decisions. It should be noted that, on 15 March 2024, the Court of Milan – within the framework of the Group composition with creditors procedure “with reserve” pursuant to Articles 44 and 284 of Legislative Decree No. 14 ss.mm.ii. of 12 January 2019, and subject to the favourable opinion of the Court Commissioners – had granted to algoWatt S.p.A. and Italeaf S.p.A, upon their request, a further 60 days (and, therefore, until 3 May 2024) to submit, alternatively, a final proposal of composition with creditors or an application for approval of a debt restructuring agreement, together with the relevant documentation. algoWatt also announces that there are 2 (two) pending applications for the opening of the judicial liquidation proceedings against algoWatt and Italeaf, filed by Mr. Giovanni La Croce,
founding partner of Studio La Croce, expert appointed by the Chamber of Commerce of Milan Monza Brianza Lodi within the Negotiated Settlement procedure, filed on 27 November 2023 and by the Public Prosecutor’s Office of Milan.
