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Rapidly, Astaldi's problems, which began a few months ago in Italy, worsened and spread to other places, including Chile. Prospects in Europe turned grayish to gloomy in August, when the company was unable to sell its stake in the company that owns the third bridge on Bsforo, an operation essential to strengthen its finances, the company being in debt for almost three years. 2,300 million euros (about 2,650 million USD), which led him to restructure his liabilities by asking the court for a financial reorganization or concordato whose objective is to stay operational and stay in compliance with the contracts.
In Chile, its panorama has also become more complex. If in mid-October a paralysis of construction workers at the Flix Bulnes hospital triggered by the firm triggers the alarms, this week two new events were triggered. On the one hand, the Ministry of Health said that the company's debt to its suppliers was no more than $ 11 billion but was $ 14 billion. The portfolio has therefore taken as a preventive measure the implementation of subrogated payments, that is to say on the condition that Astaldi demonstrate payments to contractors during the construction of the three hospitals to which the Italian participates: the own Flix Bulnes (where, in addition to construction, was later granted non-clinical services in partnership with the Meridiam Fund), Barros Luco and Linares
And as if that were not enough, a new front was set up. Opens with Codelco. On Monday, they had to present two guarantee notes worth nearly 62 million US dollars for the projects of the Nuevo Nivel El Teniente mine and for Chuquicamata Subterrnea, which were collected by the state-owned company. the next day.
The collection, strictly speaking, borders 50 million US dollars in the case of Chuqui and more than 11 million US dollars in the initiative of El Teniente. Although the latter is lower, it is the one that complicates the construction, since the works have progressed by only 5% and that the group BTG Pactual, which paid to Codelco, could in turn demand the return of the money to Astaldi. at any time and further complicate the financial situation of the Italian. The difference is what happens with the Chuqui ballot money that is backed by European banks and where the work is completed at 77%. So there remains a rest of money in favor of Italian society that should be restored. part of the conversations between Astaldi and Codelco.
BTG Pactual declined to comment on the subject. However, the experts believe that the renegotiation of the contracts with Codelco can dispel the option of an advance payment by BTG Pactual.
What are the negotiations between the Italian and the State? To sign two new contracts, one for each project, and in which Astaldi will be responsible for managing its nearly 2,000 workers badigned to strict construction tasks and will look for an alternative formula for the logistics part, possibly a third party who will take over the process. transportation of these workers, food, among others.
The result of these negotiations, of which the Astaldi group is at the head of Corrado Fabbri, the highest leader of Latin America, and for Codelco a group of leaders dependent on Nelson Pizarro, Codelco's executive chairman, is essential for the future of Italian society in Chile. And not only for the financial aspect, but also for any legal benefits that could open the collection of warranty tickets. An expert badures that this has been done without there being any breach of contract on the part of Astaldi. However, Codelco will have covered an existing "insolvency risk" contract. Whatever the case may be, the same expert baderts that the question is perfectly debatable in the courts.
The collection of these documents was a decision of the state board of directors, which sought to protect itself from a possible more complex situation of the Italian construction company, which resulted in a hypothetical cessation of payments, taking into account the law on life annuities which provides that directors may respond in the event of damage to their own badets
Negotiations that took place during the week in the offices from Codelco to Teatinos Street will continue
They will not raise credits in Chile
Near the Italian, they say that the plan is to continue to convince the local market that with the cash inflow generated by their activities in Chile, it is more than enough debts, and exclude the over-indebtedness of the local bank. "By the end of 2018, the business turnover of Astaldi's activities in Chile exceeded $ 323 billion and the total debt, due in the next 120 days, equals less than a month of billing, "said last week. Astaldi in "El Mercurio"
The company is involved in eight projects in Chile, three of them under the proposed terms and conditions: Flix Bulnes Hospital, La Punilla Reservoir and Santiago Airport operated by Nuevo Pudahuel. In the latter, in two companies, in which it manages the concession of the terminal – owned 15% by Astaldi Concessioni and also including the group of airports of Pars (45%) and Vinci Airports (40%) – and in the construction of Airport works, a partnership that the construction company Astaldi shares with the big project Vinci Construction.
The General Directorate of Concessions (DGC) of the Ministry of Public Works (MOP) indicates that the dealer Astaldi "has informed the progress on the regularization of payments to suppliers November 15 is intended to establish a general payment plan "They add that they are attentive" to any situation that would justify taking additional measures ".
Unlike Codelco, the MOP will not be able to collect guarantee slips of concessions to which Astaldi participates, arguing the risk of insolvency. "Concession contracts include only collecting collateral for certain violations." We do not know the precise terms of the Codelco contract, but its legal nature is different from that of the concession contracts, in which, with the exception of VAT, the concessionaire does not receive Payments of the Treasury while the work does not are not fully completed, "says DGC
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