UK investment firm Clementy Group has decided to scrap its €95 million proposal to invest in Italian inverter manufacturer Fimer.
“On April 27, 2023, the Clementy Group terminated the Investment Contract because of the various defaults of Fimer’s shareholders,” Clementy Group said in a statement. “Notwithstanding the Clementy Group’s readiness to enter the Procedure, including with a proposal for a €50 million proof of funds and initial disbursement of €30 million in the coming weeks, Fimer’s shareholders failed, amongst various other repeated defaults the investment contract, and numerous irregularities, to deliver the Clementy Group with the necessary instruments to proceed with such investment.”
Clementy Group said that Fimer’s shareholders failed to issue shares that were needed for Clementy’s investment.
“As recently highlighted by the Court of Arezzo, Fimer’s shareholders also failed to ensure a continued governance for the Company, causing high instability to the Company, and leading one of its crediting institutions to pause its credit lines to Fimer,” it added, claiming that Fimer has defaulted on approximately €300 million of debt.
At the time of the publication, Fimer had not responded to pv magazine‘s requests to comment on the matter.
Fimer announced an industrial relaunch after entering composition-with-creditors proceedings at a tribunal in Arezzo, Italy, in September. The company filed for creditor protection with the same court in February. According to Italian legislation, the composition-with-creditors procedure is a contractual settlement between a debtor and its creditors. The arrangement gives a business the chance to restructure its debt obligations and continue as a going concern.
The company presented its new industrial plan to the tribunal in late June.
Fimer has two inverter factories in Italy and one in India. It acquired the inverter business of Swiss conglomerate ABB in 2020. The company employs more than 1,000 people throughout the world and is present in more than 20 countries, with local training centers and manufacturing sites
“Clementy Group’s plan for Fimer included a significant expansion on the markets of United States of America, and on the Asian markets, where Fimer enjoys an excellent competitive advantage on the premium segments,” Clementy Group said in today's statement.
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