Astaldi unveils Salini takeover and recap plan

By Owen Sanderson
14 Feb 2019

Troubled Italian construction company Astaldi announced on Thursday that it had an offer from rival firm Salini Impregilo to inject €225m of new capital, take over control of the firm, and convert unsecured creditors, including high yield bondholders, into shareholders of the group.

Under Salini’s proposal, the unsecured creditors will own 28.5% of the new, largely debt-free company — as well as any proceeds from the sale of some of Astaldi’s most challenged exposures, including its receivables from Venezuela and its Turkish projects — including the Third Bosphorus Bridge, the Gebze-Orhangazi-Izmir ...

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