The proposal includes a plan support the restructuring and continuity of Astaldi’s activities and makes provision for debt repayment.
Astaldi had applied for protection from its creditors under Italian insolvency law in October 2018 and Salini Impregilo had presented a non-binding preliminary demonstration of its interest to Astaldi in November.
Non-core assets such as the concessions arm that includes projects such as the third Bosphorus bridge project and the Felix Bulnes hospital in Chile into a unit that would be liquidated, with the proceeds intended for the sole benefit of unsecured creditors.
The €225m capital cash increase will be partly dedicated to the payment of secured debts and partly to supporting the continuity plan. It would result in Salini Impregilo taking a controlling stake in Astaldi following the completion of the creditors’ procedure. The offer also provides for the partial settlement of unsecured creditors both in the form of shares and other means.
The plan would need the approval of the courts as well as Astaldi’s creditors.