(CercleFinance.com) – Boostheat announced Thursday that it would be able to finance the continuity of its restructuring plan, without excluding the scenario of a suspension of payments or even a judicial liquidation.
The energy efficiency specialist explains that it has asked to be authorized to receive one million euros from HBR, the personal holding company of its CEO Hugo Brugière, and to sign a financing line of 30 million euros with European High Growth Opportunities Securitization Fund (EHGO).
These operations should enable the manufacturer of thermal compressors to cover its cash requirements, estimated at 2.3 million euros, under its safeguard plan project.
In addition, Boostheat recalls that HBR has guaranteed up to 10 million euros, thus covering the company’s liquidity risk over the next 12 months.
However, the supervising judge rejected all the requests
of the company, a rejection which could lead to a cessation of payments and therefore a possible judicial liquidation of the company.
In this context, HBR says that it has approached the private equity fund Iris so that the latter transfers to it the contract in progress for the issue of bonds redeemable in new shares (ORA) of 10 million euros. euros, of which seven million remain to be used.
This solution could allow Boostheat to ensure the financing of the observation period and the reorganization essential to the sustainability of the operation, the safeguarding of employment and the disinterestedness of the
creditors.
“I deeply regret the evolution of the procedure”, declared Hugo Brugière, CEO of Boostheat, while ensuring that he wanted to give the company all the chances that its industrial project deserves.
The company’s stock market quotation has been suspended since the end of August.