Astaldi SpA is filing for creditor protection in a Rome court after Turkey’s economic crisis put the brakes on an asset sale in Istanbul that’s pivotal to it obtaining vital funds.
Italy’s second-largest builder has applied for a so-called concordato preventivo, a procedure granting it up to six months to present a plan to restructure its 2.5 billion euros ($2.9 billion) of debt, the company said in a statement Friday. Its shares sank 28 percent after the announcement, while 750 million euros of bonds due December 2020 fell as much as 22 cents on the euro to a record low ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.