The UK-based investment company Clementy Group is ready to buy the Italian inverter manufacturer Fimer. In September, Fimer announced the restart of the industry after starting settlement proceedings with creditors in an Italian court.
“The offer made by Clementy Group is indeed significantly more favorable compared to other offers received in the meantime for the company, its employees and creditors, both in terms of immediate liquidity and in terms of strengthening the capital base and securing the company’s assets,” it said. “The acquisition of the British investment company gives Fimer the necessary financial resources to continue operations.”
Fimer did not provide further details about the deal.
At the end of April, Clementy Group decided to withdraw its original 95 million euro ($104.8 million) investment proposal for the Italian company, citing that Fimer’s shareholders did not issue the necessary shares.
Fimer announced the restart of the industry last September after starting settlement proceedings with creditors at a court in Arezzo, Italy. The company applied for creditor protection in the same court in February. It submitted its new industrial plan to the court in late June 2022.
Conciliation procedure with creditors according to Italian law is a contractual settlement between the debtor and it creditors. The arrangement gives the company the opportunity to restructure debt obligations and continues as a going concern.
Fimer has two inverter factories in Italy and one in India.