Distressed CMC Ravenna stokes HY’s Italian fears
The risk appetite of high yield bond investors in Europe continues to pall, as Italian construction firm Cooperativa Muratori e Cementisti di Ravenna filed for creditor protection this week.
CMC Ravenna opened the path to a debt restructuring under Italian insolvency law at a court in its home city, Ravenna, choosing “the most effective process in order to secure company’s assets and protect, in this way, all the stakeholders”, it said in a statement on Tuesday....
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