Milan, September 23, 2010 – With the approval of a 341 million euro bank financing and a 70 million euro capital increase, Italtel debt re-financing programme is completed and made fully effective. Italtel shareholders also appointed Umberto de Julio as new Chairman while Stefano Pileri joined the Italtel Group as company’s new CEO.
“We positively ended a crucial period for Italtel. The approval of the re-capitalization and re-financing plans pave now the way for us to achieve the goals we set in our industrial plan” CEO Stefano Pileri said. “Starting from today – he added – thanks to the renewed support from our shareholders, we look at our future with new optimism as we put Italtel back on a success path with all our assets in terms of competitiveness and top level technological knowledge”.
Umberto de Julio, on behalf of the Board of Directors, thanked outgoing Chairman Roberto Quarta for his commitment and his highly-appreciated work in the company’s re-launching.
The capital increase of 70 million euro supported by Telecom Italia and Cisco is part of the debt re-financing scheme approved at the end of July by the pool of lending banks which includes Unicredit, BPM, GE Interbanca, Banco Popolare and UBI.
