(CercleFinance.com) – Boostheat, an energy efficiency specialist, announced on Friday that the Commercial Court of Lyon had authorized it to extend its observation period after the presentation, yesterday, of the outline of its turnaround plan.
This project aims to give a new strategic direction to the company, around the design office activity, on the basis of a sound financial situation.
According to Boostheat, the final draft plan could be circulated to creditors at the end of February/beginning of March with a view to approval by the Commercial Court at the end of March 2023, which will thus put an end to the safeguard procedure.
In the meantime, the judicial administrator withdrew his request for conversion into judicial liquidation.
The financial means necessary to finance the observation period and the implementation of the projected reversal are estimated at around 7.9 million euros until the end of 2023.
To finance the observation period, Boostheat has already made a first drawdown of 500,000 euros on its existing equity financing line by issuing bonds redeemable in shares (ORA).
A second draw in the amount of one million euros should take place within a month.
Finally, HBR Investment Group – the personal holding company of businessman Hugo Brugière behind the recovery plan – has already provided 500,000 euros in current account, before providing an additional 500,000 euros when the turnaround project.
Following all these announcements, the Boostheat share listed on the Paris Stock Exchange climbed more than 12% on Friday after having already soared more than 84% yesterday.
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