Friday, June 15, 2012

Reuters: Bankruptcy News: Italian prosecutors widen Ligresti holdings probe

Reuters: Bankruptcy News
Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com
Italian prosecutors widen Ligresti holdings probe
Jun 15th 2012, 14:37

MILAN, June 15 | Fri Jun 15, 2012 10:37am EDT

MILAN, June 15 (Reuters) - Italian prosecutors are examining financial transactions between companies controlled by the Ligresti family, including insurer Fondiaria-SAI, as part of a bankruptcy probe into two of the family's holdings, investigative sources said on Friday.

A Milan court declared the two holdings - Sinergia and Imco - bankrupt on Thursday. They have a combined debt of 400 million euros ($504 million).

Fondiaria-SAI, Italy's second-biggest insurer, is the target of a complex rescue deal by fellow insurer Unipol which includes a four-way merger and a series of capital increases.

The investigative sources said the bankruptcy of the two Ligresti holdings should not hinder the rescue deal, which has been delayed by bickering between Unipol and the Ligrestis over share swap ratios and is still awaiting clearance from regulators.

The sources said that in the past three years the holdings had received around 600 million euros from two other companies controlled by the Ligrestis, Fondiaria-SAI and Milano Assicurazioni.

Magistrates now want to investigate those transactions as well as the financial accounts of all the companies involved to understand what caused the bankruptcy.

Sinergia and Imco each own around 10 percent of Premafin , another Ligresti-controlled holding that in turn owns more than 35 percent of Fondiaria.

A spokesman for the Ligresti family companies declined to comment. ($1 = 0.7939 euros) (Reporting By Manuela D'Alessandro; Editing by Erica Billingham)

  • Link this
  • Share this
  • Digg this
  • Email
  • Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

0 comments:

Post a Comment

 
Great HTML Templates from easytemplates.com.