(Alliance News) - Illa Spa announced Monday that, in an order dated April 14, the ordinary court of Parma, having heard the creditors and examined the report filed by the expert in February, dissolving the reservation taken on April 11, authorized the company to contract pre-deductible financing as an additional contribution to the convertible bond loan.

In detail, for the amount of EUR1.0 million, by issuing, without further disbursement against, a tranche of convertible bonds in the same amount with Negma Group Investment Ltd or the assignee of the contractual position Global Growth Holding Ltd.

For the additional EUR1.0 million by issuing, without further disbursement against, a tranche of convertible bonds in the same amount with Negma or Global Growth or other potential investors.

The decision of the Court of Parma follows the request made by the company consequent to the "side letter" signed on October 30, 2023.

Illa's stock is down 17 percent at EUR0.0005 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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