Reuters: Bankruptcy News: Italian steelmaker Lucchini requests receivership

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 steelmaker Lucchini requests receivership Dec 21st 2012, 17:58 LONDON | Fri Dec 21, 2012 12:58pm EST LONDON Dec 21 (Reuters) - Troubled steelmaker Lucchini, Italy's second-largest producer, has requested to be placed under receivership procedures to save it from bankruptcy. 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) 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