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Micoperi in the balance: he brought Concordia back to the surface, now he risks crack

Overwhelmed by 120 million in debt, Micoperi, the glorious leader in offshore oil and marine engineering which hit the headlines for having brought the Concordia afloat, has asked the bondholders to be able to postpone the repayment of a bond from 35 million which threatens to sink the company.

Micoperi in the balance: he brought Concordia back to the surface, now he risks crack

The company that refloated the Concordia is now sinking as well. It is the mocking fate of Micoperi, the engineering company that took part in that spectacular and vaunted operation which was the rescue of the Costa Concordia, pulled up from the depths of Giglio to then be transported to the port of Genoa for "scrapping". All between 2012, the year of the shipwreck, and 2014, the year of the transfer to the Ligurian port.

At the time, Micoperi's accounts were still flourishing: 433 million turnover in 2013, but in 2015 - as Mario Gerevini recounts in the "Corriere della Sera" - it fell by half and in 2016 it dropped further to 90 million. The company specializing in offshore oil and marine and underwater works is now even on the verge of bankruptcy: it has a debt of 120 million which it is struggling to support and the bondholders' meeting of last August 3 did not resolve the issue. Indeed the bondholders, as requested by the patron Silvio Bartolotti, have not given up on demanding repayment of the 35 million bond and this will weigh heavily on the balance sheet, precisely at a time when the market is recovering.

However, the assembly did not reach the quorum and therefore any turning point on the future of the Ravenna company will only take place in September. In the first quarter of this year, revenues amounted to 30 million, with an operating margin, however, negative (-6 million). However, the market seems to be recovering, and for this reason Bartolotti is asking the bondholders for time.

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