The "big sick" among the Roman investees chooses the road of composition with creditors. The day after a creditor filed a bankruptcy petition in court, Atac's board of directors takes the long-awaited decision: the top management of the Capitoline company chose the procedure of the arrangement with creditors in continuity to try to save the company and avoid bankruptcy due to a monstrous debt of 1,38 billion euros and fourteen years of red balance sheets.
Paolo Simioni, president, managing director and general manager of the company in via Prenestina, proceeded to convene the shareholders' meeting and chose Ernst Young as financial advisor. Instead, the super legal advisor will be Carlo Felice Giampaolino.
At this point, after the passage to the municipal council scheduled for September 7, the hot potato will pass into the hands of the Raggi council which will have to prepare a resolution to be approved in the Giulio Cesare Chamber.
We remind you that the arrangement with creditors is nothing more than an agreement with creditors under the auspices of the Court which de facto will prevent the latter from presenting payment orders and requesting the bankruptcy of the Roman investee. By following this path, Atac will be able to avoid real bankruptcy, protecting itself from executive actions and guaranteeing the continuity of the company, while the creditors, albeit partially, will be able to see their reasons satisfied.
After the ok from the city council, Atac will therefore have to bring the forms before the judges to obtain a blank agreement "From that moment on - they explain from the Capitol - it will have from 3 to 6 months of moratorium” during the company assets will be “safe”.
It should be noted that on the eve of the board meeting, Atac lost another piece. After the resignation amid the controversies of the former general manager Bruno Rota (who among other things indicated the composition with creditors as the only chance of salvation for the public transport company of Rome), the Alberto Giraudi, Director of Operations, also resigned.
However, the board's decision does not seem to make everyone agree. As expected, grassroots unions are already on a war footing and have called a four-hour strike, from 8.30 to 12.30 on Tuesday 12 September. According to Orsa, Tpl Lazio, Faisa-Confail Sul ct, Utl and Fast-Confsal, the arrangement with creditors "would seriously jeopardize employment levels, wage rights and workers' regulations". The trade unions also underline "the total absence of interlocution on the part of the Councilorship of the City on the move and corporate governance with the workers' representatives, the only ones not to be heard on an issue on which their near future depends".
