Wednesday, September 12, 2012

UniCredit Seeks Insolvency Proceedings For Sopaf


Thu., September 13, 2012
UniCredit has asked a court to start insolvency proceedings for loss-making Italian investment company Sopaf, judicial sources said on Wednesday, Reuters reported. Sopaf, which first failed to pay back debt last November and has net debt of around 100 million euros ($129 million), said in a statement on Wednesday it had received no official notice about the insolvency proceedings request. Sopaf also said it planned to file a court request within a week to reach a shared solution with creditors that would most likely involve liquidation, though it added it did not rule out keeping the company up and running. UniCredit, the main bank creditor of Sopaf, was not available for comment. According to the Il Messaggero newspaper, Sopaf owes UniCredit and other bank lenders including Monte dei Paschi and Popolare di Sondrio 71.5 million euros.

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