Mithra secures court protection measures to advance monetization process

  • Court Grants “Transfer under Judicial Supervision” for CDMO facility, safeguarding Mithra’s activities and expediting the M&A process for its Contract Development and Manufacturing Organization.
  • Approval of Judicial Reorganization Proceedings for Novalon SA, facilitating an amicable agreement with some creditors and restructuring the debt of Mithra’s complex therapeutics business.
  • Mithra Advances Monetization Process with Court Protection Measures, marking significant milestones in the company’s commitment to maximizing value for stakeholders while ensuring operational continuity.

 

Liege, Belgium, 22 April 2024 – 7:00 CEST – Mithra (Euronext Brussels: MITRA), a company dedicated to women’s health, today announces the Liege Company Court has granted the company two crucial protection measures, further advancing its monetization process and ensuring the continuity of its activities.

Following the announcement on 28 March, 2024 detailing the application for these protection measures, the Liege Company Court has approved the application for a “transfer under judicial supervision” which is a judicial reorganization procedure for its Contract Development and Manufacturing Organization (CDMO) located in Flémalle, Belgium. This significant development provides protection to Mithra’s activities from creditors and installs court-designated trustees to oversee negotiations with potential bidders. The objective is to select the best offer while safeguarding the interests of the company, its creditors, and its employees.

Additionally, Mithra’s application for judicial reorganization proceedings to restructure the debt of Novalon SA, its complex therapeutics business, has been approved by the Liege Company Court. This procedure involves reaching an amicable agreement with some creditors and implementing a court-sanctioned debt-restructuring plan therewith. The aim is to ensure the financial stability of Novalon SA, reach an agreement with those selected creditors, and maintain operational continuity for the business. The duration of the protection measures is two months, starting from the Court’s ruling date, until 19 June 2024. The target date for the monetization of the other Mithra subsidiaries (i.e., Estetra SRL, Mithra R&D, Neuralis) and the Mithra Group remains unchanged with the committed bridge loan facility covering operations until 30 April 2024 with the option to extend into May.

These court protection measures mark significant milestones in Mithra’s on-going monetization process and underscore the company’s commitment to maximizing value for all stakeholders. These protection measures apply to the two aforementioned Mithra subsidiary companies and not to the Mithra group. By securing these measures, Mithra can navigate the process effectively while prioritizing the interests of its employees, creditors, other stakeholders, and the company as a whole.

Mithra will continue to work closely with the engaged investment banks, the appointed advisors, potential buyers, and the court-appointed experts to execute these protection measures effectively and achieve optimal outcomes for all stakeholders.

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