American Relief forex Ilva. It could come from United States a part of the (many) money needed to keep it up Taranto steel plant.
AND’ Paolo Briccoin an article on The sun 24 hours, to report that «the problem of money would have a first, partial and temporary solution. The commissioner structure – also made up of Davide Tabarelli, energy specialistand from Giovanni Fiori, accountant – would be well advanced in negotiating with an American bank to obtain a loan from 200 million euroswhich would have as its underlying the steel mill warehouse warranty. In all – writes Bricco – to carry out the extraordinary maintenance cycle, they are needed among the 600 and 700 million euros. To these must be added another 300-400 million euros to replenish stocksto restore the raw materials warehouse and the spare parts warehouse, to return to having a relationship “normal” with suppliers. One billion euros to save the factory – in a manufacturing sense – and the company, in an overall sense. They are added to the 200 million euros of real money being defined with the American bank 300 million of the old funds brought back to Italy by the Riva family and conferred to Taranto for reclamation (this sum will enter the scope of the corporate finance of the former Ilva for environmentalization works) and at least another 200 million euros of the 320 million euros of the bridging loanwhich must arrive – under penalty of financial asphyxiation of the company – by the end of July”.
It remains a narrow path, as is evident, the one that should lead to salvation of the steel industryas I know a assets “strategic” for the entire national economy. This while, as Bricco writes again in the Sun“The June 19th a new hearing will be held for the claim against Acciaierie d’Italia Spa, the operating company. On this specific aspect, the court will evaluate the creditors’ requests, which amount to one and a half billion euros. The overall picture, however, must be composed as a whole. Because the requests of the creditors of four other connected operating companies, which also went bankrupt, will also have to be added to these figures: Steelworks of Italy Energy, Steelworks of Italy Maritime Services, Steelworks of Italy Shape Tubes. For this block, the estimate of the total amount of credits that have gone up in smoke and for which the suppliers will ask for recognition in the hearings is around one hundred million euros. Then there is the question of Acciaierie d’Italia Holding, whose insolvency status has not yet been determined. It is, in fact, within the perimeter of holding the issue of the 600 million euros injected – and lost – by Invitaliaminority public shareholder of the Indians of Arcelor Mittal».
For Taranto steel, help will be enough stars and stripes?
