Invitalia, the Italian government agency, has recently announced that it is moving towards an extraordinary administration for Acciaierie d’Italia, a leading steel company in Italy. This comes after numerous attempts to reach a mutually beneficial agreement with the private partner involved in the business, all of which have unfortunately been unsuccessful. The private partner’s unwillingness to either contribute to the business’s continuity or dissolve the joint venture in a balanced manner, in line with both national and European regulations, has led to this decision.
The current situation, which is regarded as a crisis that is not due to any mismanagement or lack of effort from the public sector, has led Invitalia to forward a request to the Ministry of Business and Made in Italy. This request seeks technical and administrative evaluations for the extraordinary administration procedure for Acciaierie d’Italia. This announcement was made by Invitalia through a public note.
In addition to this, Acciaierie d’Italia has made another strategic move in terms of legal proceedings. The company has expressed its intent for an agreement with reservations, also referred to as a composition with reservation. This evening, the company announced that its various sub-companies, Acciaierie d’Italia Spa, AdI Energia Srl, AdI Servizi Marittimi Srl, and AdI Tubiforma Srl, have formally filed an application for this composition with reservations and have also requested protective measures.
This composition with reservation is a legal tool that insolvent companies can use to negotiate new terms with their creditors. It is aimed at finding a solution that is fair and beneficial for both the company and its creditors. This could involve establishing new payment terms or restructuring existing debts. The term ‘blank’ is often used to describe this type of agreement, as it does not require the insolvent company to present a specific initial proposal during the negotiation process.
