Astaldi, the Italian multinational construction company, filed
on Friday (28 September) for concordato in bianco. This is
an in-court restructuring proceeding under the Italian Bankruptcy
Law, which imposes a standstill period for up to six months.
Astaldi's reference to certain provisions in the Bankruptcy Law
indicates that it intends to use the standstill period to prepare
for a concordato preventivo filing. Astaldi again delayed
publication of its 30 June 2018 financial report, and said that it
would voluntarily migrate from the "Star" segment of the
Borsa Italiana to the general MTA segment. The full text of the
announcement is available here.
Astaldi's €620m RCF matures in 2019, and its €750m
bonds mature in 2020. Astaldi had previously announced a €300m
capital raise plan, conditioned on the sale of its stake in the
Third Bosphorus Bridge. This plan stalled after the sale was
delayed amidst the recent economic uncertainty in Turkey. Astaldi
announced that its
