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Condotte: the Treasury granted only 60 million of the loan bridge

13 February, Monitor Immobiliare

The Ministry of Economy has been able to refinance only partially the guarantee fund dedicated to companies in crisis. Condotte d’Acqua, currently under extraordinary administration, was granted only 60 million euro of the loan bridge instead of the 190 million that the three official receivers deemed necessary to restart the site and to assure the business continuity.

Despite the State guarantee got the green light from the EU last December, the bridge loan won’t be issued by private banks, but rather from Cassa Depositi e Prestiti. It was announced this morning by the three receivers Matteo Ugetti, Giovanni Bruno and Alberto Dello Strologo and by the Treasury spokespersons, including the vice head of the council Giorgio Sorial.

The receivers explained that, with 60 million instead of 190, the business plan would have to be reviewed from scratches, and Condotte’s “business continuity” will be considerably downsized. For this reason, an extension until the 7th March was requested. Condotte will have to sell 31% quota in the Cociv consortium which it still holds. The quota refers to Terzo Valico in Genoa, which has for Condotte a residual value of one billion. The plan will be presented by February.

The trade unions FenealUil, Filca-Cisl and Fillea-Cgil are ready to take action against Condotte Group. As Feneal, Filca and Fillea explained in a memo, “Condotte is currently going through a delicate and complex phase concerning its destiny. It takes 190 million to implement a sustainable plan able to protect jobs and the industrial activity. Today, however, we were informed that the available resources from the Treasury for the bridge loan are only 60 million. In fact, with the “Simplification” Legislative Decree, the Government decided not to refinance the fund. Such a choice has condemned the company and thousands of workers, direct employees as well as those of connected companies. Such a choice confirms the total lack of concern towards the construction sector, and it proofs the total absence of an industrial strategy by this Government, currently struggling with the debate around the high-speed train line and the railway hub in Florence. This latter was currently being implemented by Condotte, along with the high-speed railway lines Milan-Genoa, Milan-Venice and Lioni-Grottaminarda, Brennero gallery and Città della Salute in Milan. The time is up. We plan several meetings in offices and construction sites”.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi


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