Transaction completes within the terms set by the Court of Milan and follows the official resignation of the current Board of Directors
Milan/London, September 12, 2023 - Greybull/McLaren Applied announces the successful completion of the first tranche payment of 5 million euros as part of the total investment of 50 million euros thanks to which Greybull/McLaren Applied will acquire 100% ownership of FIMER, as part of the concordato process.
The transaction is in compliance with the terms set by the Court of Milan, which on August 24 approved the application for urgent injection of new finance submitted by FIMER. Additional capital will be invested as required and in line with the approval of the Court of Milan.
Together with this significant investment, a new FIMER’s Board of Directors has been appointed in replacement of the current BoD, in which Greybull Capital / McLaren Applied will have the majority and, at the same time, Mr. Sam Hancock has been appointed as Chief Restructuring Officer (CRO), tasked with leading the company on a path to revitalization and tackling future challenges with determination.
With this transaction, Greybull/McLaren Applied reaffirms its commitment and confidence in FIMER and looks to the future with optimism and determination to pursue the company's projects and challenges.
"Today is the beginning of a long awaited, new chapter for FIMER. FIMER has now access to significant financing, a new Board and in due course, a new industrial shareholder. We thank all the parties involved for their support in delivering this transaction, with a special note to the employees of FIMER who have been steadfast throughout the turbulent past two years. FIMER, with our support, can now start the long journey of regaining the trust and confidence of its many stakeholders by delivering on its promises and potential. Our plans are clear: we wish to re-establish Fimer as a world leader in its field. We will do all we can to achieve this. " - said Marc Meyohas, Managing Partner of Greybull Capital.