Attestor Capital, a British private equity fund, presented a non-binding offer to save the Italian construction group with parent company Condotte d'acqua Spa. Before the crisis that last January 8 led the company to ask for composition with creditors, Condotte it had a turnover of 1,3 billion and 3 employees.
The financial contribution assumed by the London giant would be "robust" and such as to guarantee business continuity, as imagined by the management board (CdG) of Condotte as the only possibility to avoid the declaration of insolvency and the request to the MISE for extraordinary administration Marzano.
The supervisory board of Condotte, in the presence of the representatives of the property (Ferfina), today essentially ratified the decisions of the Supervisory Board, accepting the fact that if by Friday Attestor's offer does not become binding, on Monday 9 July it will approve the documents that the 10 will lead to insolvency and a request to the Mise for receivership.
Attestor's offer would have no contribution from the banks. However, the pool of Italian lenders of Condotte would return to the field immediately after the eventual presentation of the corporate relaunch program by 17 July to the Court of Rome, since the ongoing composition with creditors procedure in any case provides for the approval of the plan (which will certainly contain a debt consolidation) from all creditors.
Meanwhile, the umpteenth meeting of the crisis table is taking place today in the Ministry of Development, while the three-day strike (2, 3 and 4 July) by all direct and indirect employees of the Condotte group is underway.
The property of Condotte, the Ferfina of the Bruno family, is therefore trying in extremis to save its role as shareholder (of which it would be completely dispossessed in the event of receivership), but has accepted the inevitable timetable indicated in yesterday's board of directors: there are three days to convince Attestor to transform the offer into a binding one, then the irrevocable requests for insolvency and receivership will start.
