Former Ilva, the Council of Ministers approves a decree with interventions for creditors

Former Ilva, the Council of Ministers approves a decree with interventions for creditors.

A law decree approved in the Council of Ministers, on the proposal of the Minister of Business and Made in Italy, Adolfo Urso, with interventions in favor of creditor companies of the former induced Ilva. Measures are envisaged to facilitate access to the SME Guarantee Fund, as well as provisions to contain interest rates on loans.

“Following the approval of the legislative decree, and pursuant to the provision which provides for the pre-deduction of credits towards Acciaierie d'Italia – we read in a note -, the Sace Board of Directors today resolved to grant a financial guarantee at market conditions, up to 70% of a maximum amount of credits equal to 150 million euros, in favor of financial institutions assignees of such credits. This will create the market conditions to support the Adi (Italian Steelworks) supply chain”.

“A non-repayable contribution may also be requested aimed at reducing the interest rate, pursuant to and within the limits of the European regulations on aid of minor importance (“de minimis”) and equal to the overall value, discounted, of the difference between interest calculated over the entire duration of the operation, at the contractual rate, and interest determined by applying a rate equal to 50 percent of the contractual rate. The credits claimed by companies or transferees towards client companies admitted to the extraordinary administration procedure defined above are pre-deductible pursuant to article 6 of the crisis and insolvency code, where they refer to the provision of goods and services, including road haulage and movement of equipment, goods, products and personnel, instrumental in enabling the production functionality of the plants". So says a note from Palazzo Chigi.