The CNMV suspends the listing of Ezentis in full restructuring | Economy

The CNMV has cautiously suspended the listing of Ezentis, a company that operates, deploys and maintains telecommunications network infrastructures, starting at 8:30 a.m. this Friday. “The lifting of the suspension will take place when relevant information about the aforementioned entity is disseminated soon,” says the regulator’s statement. The company, in pre-creditors bankruptcy, informed the market on Wednesday that, in view of the company’s treasury situation, it considered it convenient to “negotiate, prepare, approve and standardize a restructuring plan with the creditors that ensures the continuity of the company”. To do this, he continued, “it is essential to have the necessary time to carry out these negotiations.” Yesterday, the titles closed the day after plummeting 10.24%. The capitalization of the company has gone from 157 million to 41 in the last four years, amid doubts about its viability. But, according to the clarification of the text, the restructuring was no longer foreseen in the same terms as when it presented the pre-bankruptcy, in September: “For clarification purposes, the board of directors informs that the communication of the existence of negotiations with creditors to Obtaining a restructuring plan has a purpose and conditions that are different from those of a communication to reach a refinancing agreement such as the one presented on September 1, which is superseded by the one presented today”.

Ezentis, controlled by businessman José Elías (Audax Renovables, Atrys, La Sirena), closed the month of September with revenues of 209 million in the first nine months of the year, 25% less than in 2021, and a portfolio of 312 million euros, which represents 1.9 times the income of the last twelve months. From January to September, the company achieved a contracting of 246.5 million euros, and its managers insisted that “it is renewing and expanding contracts with its main clients that ensure contracting volumes for future projects.” The pre-contest request came with a liability of 157 million, which is basically divided between banks (BBVA, Bankia, Santander, Pichincha) and funds (Highbridge, from JP Morgan, and Arcano). Thus began the countdown of four months to obtain a rebate.

Ezentis is a group with 8,000 employees that works in the installation and maintenance of communications networks, although it also has a part of its business in energy, including water, electricity and gas infrastructures. More than half of their sales are concentrated in a single client: Movistar, with which, they say, they have guaranteed contracts —normally in terms of three to five years.