30 January, Milano Finanza
Illimity intends taking part at the restructuring of Condotte. Ceo Corrado Passera commented: “We’ve clearly expressed our interest”, although he didn’t mention the terms and the dimensions of the operation. Among the other participants, there are also Oxy Capital and Highbridge. It’s still not clear whether the offer to the Rome-based construction company has been already formalised. Condotte has been under compulsory administrative liquidation for one year. Passera just added: “We’ve been in touch with the commissioners, and we expressed our commitment”. The former Minister of the Economy made understood that the interest of Illimity is limited to a part of the assets of the third Italian construction company with over 3,000 employees. The former banker observed: “construction is a crucial sector for the Italian economy and it’s going through a very difficult phase right now. We see Condotte as an asset to re-organise, relaunch and use as a model for the rest of the sector. As a bank specialising in impaired loans, we have to take part”.
Besides, the loan bridge for 190 million euro got the green light from the European Commission last December, but the negotiations with banks regarding their credits are not over yet.
Source: Milano Finanza
Translator: Cristina Ambrosi