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Visibilia suspended on the stock exchange, judicial administrator appointed

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Visibilia suspended on the stock exchange, judicial administrator appointed

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Visibilia Editore shares have been suspended from trading. Borsa Italiana announced this in a note. In recent days the Milan court had appointed the Turin lawyer Maurizio Irrera as judicial administrator of Visibilia Editore for a period of six months. The judges had also revoked the mandate of the company’s current board of directors.

The reorganization at the top of the group was made official in a press release from Visibilia itself. Irrera has the task of providing management and in particular of providing the company – which had Daniela Santanchè as president until January 2022 – with adequate organisational, administrative and accounting structures, establishing an internal treasury service; replace the investor relator; revoke the administrative body of the subsidiary Visibilia Editrice and call the meeting for its replacement; verify that the capital increase approved by Visibilia Editrice results in the contribution of sufficient resources to support the recovery plan and in any case implement every action useful for the successful outcome of the negotiated settlement procedure of the already pending crisis.

Last Friday, March 1, the Business Section of the Civil Court of Milan ordered the company to be placed under special administration, highlighting serious critical issues in the accounts and management of the spa, and accepting the request of the deputy Laura Pedio and the prosecutor Marina Gravina and a group of minority shareholders, with lawyer Antonio Piantadosi.

The court speaks of a “listed” spa that is no longer financially viable, with “irregularities” and “potential pollution” in the balance sheets, without any employees anymore and with a formally external company, of which the majority shareholder is Daniela Santanchè, i.e. Visibilia Concessionaria, which “continues to manage the administration and treasury”, making “choices also regarding payments” to creditors.

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