Attestor Capital makes €200m offer for Condotte
Troubled Italian construction group Condotte has received a €200m offer from turnaround investor Attestor Capital, according to Italian daily Il Messaggero.
The report said €50m will be used to meet the firm's immediate cash requirement, with the remainder released once Condotte is placed in bankruptcy protection.
The offer must be made binding by 6 July or Condotte's management board will declare Condotte insolvent and request the Ministry of Economic Development place the company into administration.
Codotte generated revenues of €1.17bn and EBITDA of €98.3m in 2016. However, it has been plunged into crisis by its sizeable debt and difficulty collecting payments.
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