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Porta Vittoria, blitz of York on Colombo credit

09 January, Milano Finanza

Algebris wants Porta Vittoria. Pity that things are not so simple. The solution provided by Algebris seems to satisfy everybody, especially Banco Bpm, the first creditor with an exposure of 220 million over a total of 400 million. Too bad they didn’t take the fund York into account. York, in fact, which already obtained in November a preliminary agreement to work on the debt of the area, hasn’t given up yet. On the contrary, it has signed an agreement to take over the debt of Colombo Costruzioni, amounting to 26 million. The objective of the fund is to participate in the negotiations with the creditors and have decisional power on the debt of the Milan-based real estate project. In this way, the procedure gets more complicated, with the risk of wasting time or, even worse, to cause the operation studied by Algebris to fall through. On the other hand, there is who believed that, with a bankruptcy procedure currently on, the York’s exclusive agreement with just one creditor will not go unnoticed.

Source: Milano Finanza

Translator: Cristina Ambrosi

 

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