Boostheat announced on Tuesday that it had raised a further 500,000 euros via a tranche of bonds redeemable in shares (ORA) with Impact Tech Turnaround Opportunities (ITTO), an operation that will enable it to finance the start of its turnaround plan.

The energy efficiency specialist, currently in a turnaround phase, said it had received confirmation from ITTO of a funding commitment of at least 500.000 euros per month for the duration of the current contract, provided that HBR Investment Group retains control of the company.

As a reminder, the financial resources required to finance the observation period and the implementation of the planned turnaround are estimated at around 7.9 million euros up to the end of 2023, including 5.9 million euros for operating costs and 900.000 euros for debt restructuring.

On this point, HBR Investment Group - the holding company of businessman Hugo Brugière - has undertaken to pay off the company's creditors to the tune of 720,000 euros to clear the company's liabilities, of which 70,000 have been paid to date.

Boostheat has also announced that it has circularized its draft safeguard plan, which should be sent to creditors in the coming days, prior to its presentation to the Commercial Court around the end of April/beginning of May, in the knowledge that any validation would put an end to the safeguard procedure.

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