Italian Ministry of Economic Development confirms loan resolution of €16.5 million Cairo Montenotte. Payments have now been made to creditors in favour of the Italiana Coke creditor proceedings, granted to the company in October 2016. The payments, covering 100% of what is due, affect more than 140 individuals including craftspeople, the treasury and customs, as well 15 former employees who retired between 2015 and 2017 and are still due a severance package and other benefits. At the same time, yesterday, 18 July 2017, the company received a statement from the Italian Ministry of Economic Development about the resolution of the loan by Cassa Depositi e Prestiti and MedioCredito Centrale amounting to €16.5 million. “These are two important and, above all, tangible steps in the implementation of the recovery plan, which is progressing steadily thanks to, first and foremost, the cooperation of our staff; despite the fact that the European market is still in trouble, Italiana Coke continues to play an important role in the Italian industrial landscape. Cooperation from the Ministry of Economic Development enabled us to successfully complete a process that began some years ago, when the coke plant – unlike any other in Italy – made major investments in environmental protection,” explains Paolo Cervetti, CEO of the Cairo-based company. The creditors’ payment procedure had been suspended due to opposition from Banca Regionale Europea (BRE) to the composition with creditors’ agreement, which had lasted for two stages of the proceedings, until the withdrawal in the Court of Appeal by the bank concerned last April. Financial forecasts confirm the ability of Italiana Coke to fulfil all the commitments set out in the plan, even with regard to unsecured creditors, whose instalment will be paid in the second half of 2017.
Italiana Coke press office