The meeting to discuss issues relating to the restructuring of the €770 million debt of Italian steelmaker Lucchini has been delayed to June 30, instead of June 28 as previously scheduled. As announced by Italian undersecretary of economic development Stefano Saglia, the summit will be held in Milan.
The meeting will see the participation of labor unions, Lucchini's management, local institutions, financial advisors Lazard for Lucchini Group, and Rotschild representing the banks involved in the affair. The ministerial invitation has been extended to Severstal and Alexey Mordashov as well, which own respectively 49.8 percent and 50.2 percent of Lucchini Group.
If the parties do not reach a final agreement, the only likely scenario for the Italian steelmaking group with 3,200 employees will be bankruptcy.