Three banks - Italy's Mediobanca and French-based Natixis and BNP Paribas - have refused to participate in a new €140 million loan deal sought by the trustees of Italian steelmaker Lucchini. The funds are necessary to adapt the restructuring plan for the steelmaker to Italian bankruptcy law.
Accordingly, the future of the Brescia-based steelmaking group is becoming more and more uncertain. As previously reported by SteelOrbis, just a couple of weeks ago two British hedge funds refused to partecipate in the plan to rescue Lucchini from bankruptcy just after they bought about €23 million of loans given to Lucchini by France-based Societe Generale.