(Boursier.com) — Boostheat a French industrial player in energy efficiency, provides an update on the safeguard procedure opened by judgment of the Commercial Court of Lyon on October 4, 2022 and the Binding Offer subject to the conditions precedent of acquiring a minority stake in the capital of the company by HBR Investment Group (HBR).
The Court has set the hearing for December 6 to rule on the continuation of the safeguard procedure. Between now and that date, BOOSTHEAT and HBR are working on lifting the conditions precedent in order to finalize the project to acquire a stake and launch BOOSTHEAT’s strategic turnaround plan.
As such, HBR informed BOOSTHEAT of the progress of the lifting of the conditions precedent in these terms:
“(…) we inform you at this stage that we are able to lift the condition precedent (iv) relating to the lessor.
With regard to condition precedent (ii), the bondholders unanimously decided to accept the conditions of the offer proposed by HBR and consequently to waive almost all of their claim. We salute the bondholders’ commitment, which allows us to foresee the restoration of BOOSTHEAT’s financial equilibrium with greater serenity. Thus we will be able to devote the new financial contributions to the ambitious project carried out by the employees of the company while allowing them to accomplish their mission in the best conditions.
However, with regard to banks, to date, 4 institutions (representing 86% of bank debt) have given a favorable response and two institutions have not yet given favorable responses.
In the event that the conditions precedent, excluding the decree by the Commercial Court of Lyon of a safeguard plan in accordance with the Binding Offer, are not lifted by this deadline, the judicial administrator has filed, as a precaution, requests for conversion of the safeguard procedure into receivership, then from the receivership procedure into judicial liquidation.
The company will continue to communicate on the next developments in its procedure and in particular on the gradual lifting of the conditions precedent by HBR. At this stage, the suspension of trading of BOOSTHEAT shares is maintained.
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