The Astaldi convertibles have approved the Concordato Preventivo, but the bonds

Astaldi have released their business plan forecasts. Please find out updated analysis here.

The forecasts together with the assets, the proceeds of which are to be assigned to creditors, confirm

Following the leak of Salini’s bid for Astaldi, please find the new analysis here.

At this stage all is dependent on the binding commitments

Further to our email this morning:

1) The Astaldi "Bridge Financing” provided by banks includes the Fortress facility - the E75m drawn and the E125m undrawn. That was apparently necessary ahead of the deadline yesterday to allow

We think this will work. It must have been pre-discussed with the courts as per our last mail.
Salini made a non-binding offer for the majority of Astaldi. It is billed as an “update” to the one made in

Some further rumours are surfacing:

Apparently the hectic meetings in Italy this week suggest that the process may be running late. The CDP have

Clearly a plan of this magnitude and complexity should be brought with execution risk. But we think that its precisely for the magnitude and complexity that the plan has effectively

Friday’s storm around Astaldi was over before it had started, but thanks to further press reports on Saturday we know more about it now.

According to recent rumours traded in Italy the CDP and Salini may have arrived at a deal, whereby Pietro Salini has to take significant dilution, but becomes CEO of the combined entity

Astaldi have this week hired Paolo Amato (Alitalia) into CRO position. Paolo has a reputation to loose and is a prominent and competent appointment underscoring that Project Italia

Please find an update on Astaldi here.

Given the opacity and binary nature of our nearly 3% Astaldi position, we are looking into

Astaldi’s board decided yesterday to indefinitely postpone publishing its FY18 financials - until it can take into account the full effects

We think the mega contract is the ideal backdrop to the previously discussed E400m rights issue by Salini.

Astaldi-Salini: have been awarded a E600m contract to build another 18.7km of the Napels-Bari railway. The contract is a JV between the two companies with 40%

Salini: Had to disclose it is still chasing E300m of Receivables from Ethiopia and the Italian authorities are as delinquent as they have been for Astaldi and CMC. Circles around Pietro Salini are