FILING OF THE REPORT OF THE JUDICIAL COMMISSIONERS PURSUANT TO ARTICLE 172 OF THE ITALIAN BANKRUPTCY LAW
FAVOURABLE OPINION ON THE PLAN AND ON THE PROPOSAL FOR A COMPOSITION WITH CREDITORS
Rome, 11 February 2020 – Astaldi S.p.A. (“Astaldi” or the “Company”) informs that it has been notified of the occurred filing with the Court of Rome of the report prepared by the Judicial Commissioners pursuant to article 172 of the Italian Bankruptcy Law (the “Report of the Judicial Commissioners”), in the context of the composition with creditors procedure on a going concern basis (procedura di concordato preventivo in continuità aziendale diretta) of Astaldi.
The Judicial Commissioners, following all the assessments carried out, expressed a favourable opinion on the legal and economic feasibility of the Plan and the Proposal for a Composition with Creditors, qualifying the latter as “certainly more advantageous for unsecured creditors” with respect to the alternative scenario of extraordinary administration (amministrazione straordinaria) which, unlike the Composition with Creditors on a going concern basis, “is not aimed at the best satisfaction of creditors“.
The full text of the Report of the Judicial Commissioners will be published on the date hereof on the website of the Company www.astaldi.com, Section “Investor Relations – Composition with Creditors” and Section “Governance – Shareholders / Bondholders Meetings”.
In addition, the Company will make available, on a voluntary basis, a courtesy translation into English of an extract of the conclusions of the Report of the Judicial Commissioners (it being understood that the Italian version thereof will prevail) which will be made available on its website www.astaldi.com, Section “Investor Relations – Composition with Creditors” and Section “Governance – Shareholders / Bondholders Meetings“.
Please note that the Court of Rome admitted the Company to the Composition with Creditors procedure on 5 August 2019 and has called the creditors’ meeting to vote on the proposal for a Composition with Creditors for 26 March 2020, at 10:30 (CET), before the Delegated Judge, Mrs. Angela Coluccio, at the Court of Rome – Bankruptcy Section, in Rome, Viale delle Milizie, No. 3/E.
For further details, please see the documentation relating to the proposal for a Composition with Creditors that Astaldi has made available on its website, www.astaldi.com, Section “Investor Relations – Composition with Creditors“.
ASTALDI GROUP is one of the main Contractors worldwide in the field of complex and strategic infrastructure projects. Active for 95 years at an international level, the Group develops initiatives within the fields of design, construction and management of public infrastructures and large civil engineering works, mainly in the areas of Transportation Infrastructures, Energy Production Plants and Civil and Industrial Buildings, Facility Management, Plant Design and Engineering and Complex Systems Management. Listed on the Milan Stock Exchange since 2002, Astaldi is based in Italy and operates mainly in Europe (Poland, Romania) and Turkey, Africa (Algeria), North America (Canada and the United States) and Latin America. On 28 September 2018, the Company filed an application with the Court of Rome for admission to the composition with creditors procedure pursuant to Article 186-bis, Royal Decree no. 267 of 16 March 1942, as amended and supplemented; this application was accepted on 5 August 2019 and the procedure is still pending.