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Colombo Costruzioni decisive on Porta Vittoria

10 January, Il Sole 24 Ore

The sale of the Porta Vittoria in Milan, collapsed under the weight of a 400 million debt, is getting the interests from different sides. And the players are ready to make their move. With much surprise, Algebris has presented its application for a settlement with creditors to the Court of Milan, triggering a chain reaction.

The other fund York Capital, who had started well before Algebris working at the dossier, is trying to finish the work started a couple of weeks before. It has, in fact, signed a preliminary agreement with Banco Bpm, the main creditor for the area, that will expire in February. Moreover, the fund is negotiating with Colombo Costruzioni, who developed the area, to take over its credits through a special purpose company. The credits of Colombo Costruzioni might be decisive for the launch of the assembly of creditors and to get the approval. It’s not to be excluded that, besides Algebris and York, other players may join.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi