Holding company CIR – Sorgenia’s majority-owner – issued a statement updating investors on the restructuring of its subsidiary, admitting that “the company is engaged in reducing the risk of situations of financial tension”.
Sorgenia – in which Austrian electricity company Verbund has a 46% holding – is one of Italy’s biggest power suppliers.
At the end of 2013, the company said it will have to cut operating costs by 20% to cover the debt, which it owes to Banca Monte dei Paschi di Siena, Intesa Sanpaolo , UniCredit and Mediobanca, among other Italian and foreign banks.
