ASTALDI: COURT APPROVES COMPOSITION PROCEDURE
Rome, 17 July 2020 – Astaldi S.p.A. informs that the Court of Rome checked the validity of the procedure and the results of voting by creditors and published today the approval decree of Astaldi’s Composition with creditors on a going concern basis.
The approval decree, delivered with no objections as required by subsection 3 of art. 180 of Italian Insolvency Law, is not subject to claims and, therefore, is to be considered irrevocable and with immediate effect.
“Approval of the Astaldi’s composition procedure represents the positive outcome of a complex process that took approximately two years, which saw the Company, its management and advisors deeply committed, and that seals the Company’s return to performing status, allowing to give continuity to an industrial company of international standing, to safeguard employment levels and continue to play a part in Italy’s infrastructure development. Furthermore, the approval represents an important step for implementing Progetto Italia which foresees, following the approval, the entrance of the new shareholder Webuild with a majority interest by means of a dedicated capital increase and the creation of an Italian major infrastructure player”, commented Paolo Astaldi, Chairman of Astaldi S.p.A.
Performance of the Composition Plan is assigned to the Company and the Judicial Commissioners will have a supervisory role on the proper implementation of the composition.
Moreover, the Approval Decree overcomes the main uncertainty related to business continuity expressed by the Management in the 2018 and 2019 annual reports approved by the Board of Directors last June 17, 2020.
The Approval Decree is made available by the Company on its website: www.astaldi.com
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.