Clear Leisure has confirmed that a winding up notice has been filed on its 74.67% directly-owned subsidiary. Mediapolis srl.
Clear Leisure said the petition arose from an initiative of the Ivrea Court following a claim which had now been settled by the company.
But it said that under Italian law, once a request from the court had been passed to the prosecutor, "the winding up petition may proceed in consideration of the other outstanding debts, notwithstanding that the original debt has been settled".
It said that hearing of the court was set for 23 June, at which Mediapolis srl would provide evidence of its continuing discussion with its creditors.
It said Mediapolis srl was also required to call a shareholder meeting, scheduled for 21 June 2017, to approve its 2016 accounts and discuss the winding up petition and possible further financing by its shareholders.
Mediapolis srl holds Clear Leisure's interest in Mediapolis, a strategic 497,884 sqm site on the A4/A5 motorway between Milan and Turin, and 10 holiday villas in Porto Cervo, Sardinia.
In May, and before Mediapolis srl was notified of the court hearing, Clear Leisure acquired, at a discount from Mediapolis's banks, a debt of €3.14m and the corresponding first charge mortgage on the Mediapolis site.
Clear Leisure said it also calculated that unpaid interest on the mortgage, currently amounting to approximately €4m, was due to it from Mediapolis srl.
Under the terms of the charge, the total amount that could be received by Clear Leisure following the disposal of the land, was capped at €5m and, accordingly, any recovery above €5m would first be assigned to other creditors which held a second charge over the property.
Clear Leisure said: "Should Mediapolis srl be made the subject of a winding-up order, the holiday villas in Porto Cervo, Sardinia would be part of this process as they are owned by it; but, as the debt owed against the villas is only slightly lower than their current market value, this would have minimal impact on Clear Leisure's balance sheet."
Chairman and chief executive Francesco Gardin said: "We are dealing with the winding up petition, by accelerating discussions with existing creditors to achieve settlements before 23 June.
"However, having acquired the Mediapolis €3.1m bank debt at the beginning of May 2017, with the attached first charge over the asset, we have legally ring fenced the Mediapolis site for the benefit of Clear Leisure and its shareholders."
At 8:13am: (LON:CLP) Clear Leisure PLC share price was 0p at 0.7p