The board of directors of Ezentis has requested the pre-bankruptcy of creditors in the commercial court of Seville through the communication of article 583 of the consolidated text of the Bankruptcy Law in a context of risk of “imminent insolvency”, after months of treasury tensions , as notified in a statement sent to the National Securities Market Commission (CNMV).
Today, Friday, the National Securities Market Commission has adopted the decision to “precautionarily suspend, with effect from 08:30 hours (…) trading in the Stock Exchange Interconnection System of shares, or other securities that give the right to its subscription, acquisition or sale, of the entity GRUPO EZENTIS, SA The lifting of the suspension will take place when relevant information about the aforementioned entity is disseminated soon.”
The company has explained that it is in a situation of “imminent insolvency, which could become current in the coming weeks.” Likewise, it has reported that its subsidiary of the company in Germany has filed a declaration of insolvency with the corresponding body.
In this scenario, the council has requested the pre-contest after months of preparing a viability plan that can ensure the continuity of the company and its subsidiaries, having received support from both its main client and financial institutions, to the extent that the premises necessary for the viability of the company today have not been guaranteed (especially the relevant cash inflow).
Talks
“The decision to present said communication opening negotiations with the creditors -which has also been adopted by the administrative body of the company’s national subsidiaries- has been adopted after obtaining the appropriate external advice and with the aim of protecting the interests of creditors and shareholders of the company, enabling additional time to reach the necessary agreements with creditors”, Ezentis added in the statement. With the pre-contest he wins four months to negotiate a solution.
In June, Ezentis even temporarily suspended its listing while trying to obtain a rescue from SEPI, which in the end did not take place. It owed more than 150 million euros, with the bulk of maturities located this year. Among the creditor entities are the Arcano and Muzinich funds, as well as a group of banks formed by BBVA, Banco Pichincha, Banco Santander, Caixabank and EBN.
Headquarters in Seville
The firm has more than 8,000 employees, most of them in Spain. The registered office is in Seville, in Polígono Calonge. In 2009 the Board bought shares worth two million euros for the firm to move to Andalusia and then invested another two million more so that in 2010 a work center was opened in La Carolina that closed in 2013. Loans were also capitalized , so it is estimated that the Board buried around 7 million euros in this initiative.
Currently, the Board still owns 1.15% of the company through the IDEA Agency and Soprea, although its shares are worth nothing today.
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