Background
Italian construction company Astaldi (ASTLY) filed for creditor protection on September 28.
The procedure chosen by the company, technically called “concordato in continuità ,” was aimed at “guaranteeing its customers the regular continuation of the works in all the construction sites where the Group is operating, as well as at protecting the creditors and preserving the corporate assets.”
Astaldi’s first day requests to the court included:
- Allowing the company the leasing of its business units to two newly-incorporated NewCos, fully owned by Astaldi S.p.A.;
- Allowing a new super senior financing (a sort of