Arrangement with creditors

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We are pleased to inform you that on 29 September 2022 we obtained approval of the Court* regarding the procedure to be followed in order to obtain an arrangement with creditors.
The new corporate bodies, having correctly reported to the Judicial Commissioner and the Court a number of accounting anomalies and critical issues regarding the preparation of the financial statements for the last few years (originally detected by a consultancy firm appointed by Sicam itself), succeeded in averting the revocation of the deadline set for the filing of the arrangement proposal and plan by the judges. The behaviour of the company, which spontaneously informed the Judicial Commissioner of the anomalies and replaced the Board of Directors and the Board of Auditors, was of crucial importance in this matter.
It was also emphasised that the new corporate bodies are making every effort to acquire “all the information required to draw up an arrangement proposal to be put to the court and creditors in a transparent manner.”
* Sezione Procedure concorsuali del Tribunale di Reggio Emilia (Insolvency Proceedings Section of the Court of Reggio Emilia), composed of Simona Boiardi and Niccolò Stanzani Maserati and chaired by Francesco Parisoli.