Wednesday, December 26, 2012

Italian steelmaker Lucchini requests receivership


LONDON | Fri Dec 21, 2012 12:58pm EST

Dec 21 (Reuters) - Troubled steelmaker Lucchini, Italy's second-largest producer, has requested to be placed under receivership procedures to save it frombankruptcy.
The measure, which involve the appointment of an administrator chosen by the government, aims at saving large insolvent companies.
"The board hope it will be possible to find a solution for the company's crisis which can value the efforts so far borne by the firm," the steelmaker said in a statement on Friday.
Russian steel producer Severstal acquired Lucchini, previously owned by the family of the same name, in 2005, but has since sold a majority stake to its owner, Russian businessman Alexei Mordashov, to facilitate its sale.
The disposal of the heavily indebted steelmaker however has proved impossible in the context of falling steel prices and economic recession.
Last month Swiss industrial group Klesch expressed interest in acquiring Lucchini, but Italy's biggest trade union voiced doubt that the purchase would take place. (Reporting by Silvia Antonioli; Editing by David Holmes)

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