Ex-Ilva, it's judgment day: before the judge with the creditors

Ex-Ilva, it's judgment day: before the judge with the creditors

ArcelorMittal and Invitalia executives – together with their respective legal teams – continue to be involved in negotiations. Another series of meetings took place yesterday too. The goal is to find a way for ArcelorMittal to satisfy the requests of the Italian state and minimize the financial damage for the Indian group, which would be maximum in the event of extraordinary administration. Yesterday was the first day without Invitalia activating extraordinary administration. This is reported by Il Sole 24 Ore.

THEThe board of directors of Acciaierie d'Italia holding did not respond to the letter from the public shareholder requesting clarification on the financial and patrimonial conditions to continue without resorting to extraordinary administration. Every moment is crucial for the government, which is leading Invitalia to radically change the structure and management of the former Ilva. In Taranto, Acciaierie has interrupted the operation of battery number seven of the coking plant. The auxiliary companies continue the strike awaiting payment. The president of the Puglia Region, Michele Emiliano, is willing to provide liquidity to companies with regional funds to avoid their bankruptcy, but only if the government unlocks administrative advances.

In Milan, the designated judge of the Court of Milan, Francesco Pipicelli, has set the delivery of the results of the rehabilitation tests by Acciaierie for today. Tomorrow, Acciaierie, the expert appointed for the negotiation and the first ten creditors will be present before the judge to discuss the company's requests. In Rome, the Meloni government will proceed with the legislative package for extraordinary administration and protections for companies under procedure. Minister Adolfo Urso will explain the rationale behind these measures to the Senate Industry Committee. The executive would prefer to avoid extraordinary administration and is continuing to negotiate with ArcelorMittal to facilitate the entry of a new private investor. However, significant concessions are required from ArcelorMittal, in line with the government's initial requests regarding governance and financial commitments. Urso indicated the possibility of a change in the management of Acciaierie this week, but with no guarantees the government will proceed with extraordinary administration.