Italy-based steel producer Lucchini, its shareholders, and creditor banks have reached a final agreement on the restructuring of the steelmaker's €770 million debt.
Enrico Rossi, president of the Tuscany region where Lucchini is based, commented, "This agreement is the outcome we have been working on in recent weeks, under constant pressure. The go-ahead given by the banks to the restructuring plan allows Lucchini to be tranquil in the medium term...Now we have to continue working to ensure a solid and certain future for Lucchini and its workers."
Meanwhile, a shareholders' meeting at Lucchini has appointed a new board of directors, composed of Massimo Mattera (president), Nicolas Vallorz (vice president), Marcello Calcagni (CEO), Pierre Varnier (chief restructuring officer) and Maurizio Ria (interim chief financial officer).