a The insolvency of Inapa – Investimentos, Participações e Gestão (Inapa IPG) is justified in the letter addressed to the CMVM on the insolvency of the German subsidiary Inapa Deutschland, due to be submitted on Monday, due to a “short-term cash shortage” in the amount of 12 million euros, “for which no financing solution has been found within the deadline established in accordance with German law”.
In view of “the direct effects that the Inapa Deutschland insolvency proposal will have on Inapa IPG, the Board of Directors of Inapa IPG met and analyzed its financial situation, having concluded that the subsequent and imminent insolvency of Inapa IPG is imminent” and decided “to submit Inapa IPG to insolvency under Portuguese law, which will be formalized in the coming days,” the business group says.
Inapa IPG claims that management made “every effort in a timely manner” with creditors and shareholders, in particular the largest shareholder, Parpública – Participações Públicas, to avoid the insolvency of the German subsidiary.
Read also: CMVM lifts trading suspension on Inapa shares
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