In Acciaierie d'Italia Spa there is an “absolute lack of cash liquidity“. And therefore, no from the judges to the request for a group agreement. Green light, however, to state of insolvency. It's from the future offormer Ilva what it is about. The Milan Bankruptcy Court, in fact, today declared the state of insolvency for Acciaierie d'Italia Spa, whose financial profile is characterized by numbers which - writes the Sun 24 Hours – they are bad: as of November 30, 2023 i debts amounted to 3,1 billion euros as outlined by the lawyers of Adi Spa.
Former Ilva: towards extraordinary administration, bankruptcy hypothesis
The transition, that of the state of insolvency, effectively allows the start of theextraordinary administration of society. The declaration of insolvency, at the same time, should trigger an investigation with the possibility of bankruptcy on the management and accounts of the former Ilva. The judges (gathered in the college presided over by Laura De Simone) have scheduled the hearing to ascertain the debt status and the creditors' questions to 19nd June.
Former Ilva, Commissioner Quaranta's requests to the judges
In the hearing two days ago, before the Bankruptcy Section, the lawyers of Invitalia, public shareholder of AdI Spa, and of the extraordinary commissioner Giancarlo Quaranta, appointed by the Government, had reiterated the request for a declaration of insolvency to effectively start the extraordinary administration. While the lawyers of ArcelorMittal, still the majority private shareholder, had instead requested, as a counter-move, the so-called "blank" agreement for the entire group, which includes Acciaierie d'Italia spa, AdI Energia Srl, AdI Servizi Marittimi Srl and AdI Tubiforma Srl. The latter requests were rejected. Meanwhile, the deputy prosecutor Laura Pedio, who also took part in one of Tuesday's hearings, opened a file, currently without any hypothesis of crime or suspects, on the case of the former Ilva. The investigations are also entrusted to the prosecutor Pasquale Now. The fact-finding file should soon become, with the declaration of insolvency and as expected in these cases, an investigation with the hypothesis of a bankruptcy crime.
Italian steel mills, here's what the judges say
In Acciaierie d'Italia Spa there is an "absolute absence of cash liquidity" which can compromise the "survival" of the company. This is what emerges from the provision of the Milan Bankruptcy Court. A state of "absence of liquidity" not contested, among other things, not even by the company itself. With regard to "the state of insolvency", judges De Simone-Rossetti-Giani write, we note "the irreversible impossibility of regularly satisfying one's obligations and theabsolute absence of cash liquidity for the survival of direct business continuity" and "the same is not contested in any way by the company". And in any case "it was also clarified" by the expert during "the settlement negotiated and examined by the Court" in the "argued measures adopted by the judge designated for the confirmation of the protective measures requested in the context of the settlement". Negotiated settlement which had already been requested by Adi Spa with its partner Mittal and which had been rejected by the Bankruptcy Court.
Formerly Ilva, the Mef can pay funds of up to 320 million for 2024
With the declaration of insolvency and the start of the extraordinary administration procedure, Acciaierie d'Italia, i.e. the former Ilva, may be granted by Ministry of Economy and Finance “one or more loans for consideration” for a maximum of 5 years up to an amount of 320 million euros for 2024. These are the effects of both the provision of the Milan Bankruptcy Court and the decree law of January 18th which aimed to strengthen the measures to protect workers' employment and production continuity in strategic companies such as the Italian steel group.
