On 13 October 2017 Mediapolis Srl was declared bankrupt by the Ivrea Court.
At that time, Mediapolis owned a strategically located development site, covering 497,884 sqm, in north-west Italy on the A4/A5 motorway between Milan and Turin and 10 holiday villas in the Porto Cervo, the most exclusive holiday location in Sardinia.
Following the ruling in favour of the winding up petition, the Company intends requesting either the assignment of the land, on which Clear Leisure, through its wholly-owned subsidiary Clear Leisure 2017 Ltd, holds a first charge, or, alternatively, the payment of the value of the first charge from the proceeds of the auction of the land by the receiver.
The Company also maintains a position as a principal unsecured creditor and hopes to recover further funds from the Mediapolis winding up process.
The Company will update all the shareholders with regard to further development.