Italian steelmaker Lucchini Group has finally gained some relief as the Court of Milan has approved the debt restructuring plan filed by the company on December 23, 2011. Accordingly, payments of debts worth €750 million to creditor banks will be postponed, while the banks will issue a further €50 million to ease Lucchini's current financial concerns.
In a press statement, Lucchini commented, "The approval of the debt restructuring agreement is a cornerstone for the future of Lucchini Group." Meanwhile, Russian steelmaker Severstal has stated its willingness to sell its 49 percent stake in Lucchini. The remaining 51 percent is owned by Severstal CEO Alexey Mordashov.
Labor unions representing the employees of Lucchini's Piombino, Livorno-based steelmaking plant have asked for a meeting with Italian government officials as soon as possible, in order to find a new business partner capable of guaranteeing Lucchini's future.