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Astaldi S.p.A (“Astaldi” or the “Company”) informs that today the Company’s Board of Directors meeting has noted the first management reviews of the plan’s trend and has confirmed the substantial alignment over the time span of the plan of economic, financial and commercial projections with the plan underlying the composition proposal submitted to the Court. In particular, the order backlog at 31 December 2019, exceeding EUR 6.5 billion, is in line with the estimates contained in the composition plan, having benefitted over the course of 2019 from acquisitions for a value exceeding EUR 900 million.

The same Board of Directors meeting also noted some communications received on behalf of certain associations representing the underwriters of bonds issued by Astaldi.

Specifically, these communications contest some procedure-related aspects pertaining to the calling of the bondholders’ meetings and the effects of the composition procedure.

In this regard, the Company specifies that the composition procedure is being carried out in compliance with applicable regulations, also as regards the bondholders’ involvement, and with the regulations governing the Company’s two bond issues.

The Company also specifies that the offer to the unsecured creditors contained in the composition proposal consists of attributing shares and equity financial instruments, and does not contemplate minimum percentages of settlement of the claim, for which a valuation has been indicated in the attestation, by way of example, for the sole purpose of giving its creditors a parameter for reference.

Lastly, with the goal of guaranteeing the utmost transparency of the process for attending the aforementioned meetings, the Company is assessing the appropriate legal actions to undertake against those who disseminate incorrect information that may be used to unfairly influence the valuation of the vote of the bondholders and, more generally, of all creditors, in addition to the actual power of representation declared by certain parties.

The Company reiterates its conviction that, although competing composition proposals may still be presented pursuant to bankruptcy regulations, the approval of the composition procedure represents the best solution currently available in the interest of creditors, in addition to allow the conservation of an important Italian business reality.


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Last updated: Feb 04 2020