New owners take over Fimer and inject first tranche of capital

09/13/2023 | Print view

The transaction completes within the terms set by the Court of Milan and follows the official resignation of the current Board of Directors as a result of Fimer filing for bankruptcy.

Greybull/McLaren Applied announces the successful completion of the first tranche payment of 5 million euros as part of the total 50-million-euro investment thanks to which Greybull/McLaren Applied will acquire 100% ownership of Fimer, as part of the concordato process – an equivalent to Chapter 11 in the US.

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.

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Together with this significant investment, a new 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. (mfo)

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