Salini Impregilo Offers Rescue Purchase of Astaldi Group
Milan-based firm would take 65% share of troubled Roman rival
Italy’s largest contractor Salini Impregilo Group, Milan, has offered to rescue Rome-based Astaldi Group from court protection by purchasing 65% ownership of the financially troubled, Rome-based construction firm, subject to various approvals.
Salini Impregilo’s offer includes a $325-million cash injection to repay protected creditors and keep Astaldi in business after selling off various infrastructure assets. Unsecured creditors will be paid in shares giving them 28.5% of Astaldi, leaving existing equity holders with 6.5%.