(CercleFinance.com) – Boostheat announced on Tuesday that it had raised an additional 500,000 euros via the drawing of a tranche of bonds redeemable in shares (ORA) with Impact Tech Turnaround Opportunities (ITTO), an operation that will enable it to finance the start of its turnaround plan.
The energy efficiency specialist, currently in the recovery phase, indicates that it has received confirmation from ITTO of a financing commitment of at least 500,000 euros per month during the duration of the current contract, provided that ‘HBR Investment Group retains control of the company.
As a reminder, the financial means necessary to finance the observation period and the implementation of the projected reversal are estimated at approximately 7.9 million euros until the end of 2023, including 5.9 million in operating costs and 900,000 euros for debt restructuring.
On this point, HBR Investment Group – the holding company of businessman Hugo Brugière – has undertaken to pay off the company’s creditors up to 720,000 euros to settle the company’s liabilities, of which 70,000 have been paid nowadays.
Boostheat also announces that it has circulated its draft safeguard plan, which should be sent to creditors in the coming days, before a presentation of its safeguard plan to the Commercial Court around the end of April/beginning of May, knowing that a any validation would put an end to the backup procedure.
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