Authors: Antonello Corrado, Silvia Viceconte As announced in our newsletter of May 12, the call…
Here below, the most relevant points of the call:
- The expressions of interest, submitted on a non-binding basis, are aimed at the definition of the content of the extraordinary administration procedure, given that, according to the received proposals, the Commissioners will elaborate the strategic-industrial program referred to in art. 54 of Legislative Decree no. 270/1999.
- For this reason, the expressions of interest shall contain, in addition to all the identification data of the subject in question – and appropriate corporate and accounting documentation – the guidelines that the interested subject will follow in the formulation of the subsequent binding proposals, to be elaborated according to the following indications and possible solutions to the crisis:
- unitary transfer of the business complexes, through continuation of business activity;
- economic and financial restructuring of the company on the basis of a rebalancing program;
- transfer of sets of goods and contracts, through continuation of business activity.
- Individual or corporate enterprises, of any nationality, constituted both singularly and jointly (so-called “Consortiums”) are allowed to submit the relevant expressions of interest, with the exception of companies in liquidation in the twelve months prior to the date of publication of the call, or subject to insolvency proceedings and interdictive sanctions limiting the collaboration with the public administration, or whose managers have been subject of some criminal convictions.
- The expressions of interest, accompanied by the necessary documents and any other useful documentation attesting the type of activity carried out by the applicant, the experience gained in the sector and/or the compliance with the financial requirements, shall be drafted in Italian (or in another language, with sworn translation attached) and submitted within June 5, 2017.
Consequently to the collection of the expressions of interest, the Commissioners shall send, to the persons they consider to be eligible, a so-called “Procedure letter”, which will provide the interested parties with the terms, modalities and contents of the non-binding proposals to be submitted in order to take part in the call.
The same communication will provide details of the subsequent steps of the procedure (submission of binding proposals), to be concluded – according to the tender – within six months from the issuance of the loan already allocated by the Italian Government for the management of the extraordinary business activity.
Ultimately, the call seems to confirm the expectations and anticipations already issued to the press by the extraordinary Commissioners, who have their mind set on the end of October as the latest deadline for the submission of binding proposals for the acquisition or the restructuring of the Italian airline company.
In the meanwhile, in order to make the company even more attractive, the board of commissioners has already began to make some cuts: from the renegotiation of the aircraft leasing to the new fueling hedging conditions, to the meetings with trade unions for the new employment agreement, expected for the first week of June.
The race has been announced, who will show up at the starting grid?