Italian inverter manufacturer Fimer says that its board of directors has chosen Clementy Group as a strategic partner to acquire it, subject to a decision by the Court of Milan.
“The offer submitted by Clementy Group is, indeed, significantly more beneficial compared to the others received meanwhile, for the company, for its employees and for its creditors, both in terms of immediate liquidity as well as of recapitalization and of safeguarding company assets,” it said. “The acquisition by the British investment company will provide Fimer with the financial resources necessary for the continuation of the activity.”
Fimer did not provide any additional financial details about the transaction.
In late April, Clementy Group decided to cancel its initial €95 million ($104.8 million) investment proposal for the Italian company, citing the failure of Fimer's shareholders to issue the necessary shares.
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Fimer announced an industrial relaunch last September after entering composition-with-creditors proceedings at a tribunal in Arezzo, Italy. The company filed for creditor protection with the same court in February. It presented its new industrial plan to the tribunal in late June 2022.
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.
Fimer operates two inverter factories in Italy and one in India.
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