Pro-Gest decides not to service scheduled interest payments on the bond
News General news
Italian recycling, paper and packaging group Pro-Gest has informed the market that the company has decided not to pay the accrued interest on its €250 million 3.25% 2024 bond due on 15 June 2024.
According to Pro-Gest, this decision was taken "in the context of ongoing discussions between Pro-Gest and its main financial creditors aimed at finalising a plan to reorganise the capital structure of the Pro-Gest Group". And it was taken "to preserve the Pro-Gest Group's liquidity while negotiations are ongoing and cash flow projections are not yet finalised as part of the review of the business plan and revision of the capital structure," Pro-Gest explained.
At the end of February 2024, Pro-Gest had announced a new Board of Directors, composed of both independent directors and members of the Zago family, and appointed Mr Sergio Iasi as Chief Restructuring Officer.
