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Italy's Sorgenia still talking with banks over debt restructuring
April 1, 2014 / 6:37 AM / 3 years ago

Italy's Sorgenia still talking with banks over debt restructuring

MILAN, April 1 (Reuters) - Talks between Italy’s Sorgenia and its creditor banks over debt restructuring at the troubled energy company are continuing, with the banks working on a possible alternative deal, Sorgenia’s main owner CIR said on Tuesday.

In a statement, CIR said the suspension and cancellation by the banks of credit lines had significantly bitten into financial resources which had impacted Sorgenia’s business.

In April, CIR said Sorgenia would be “engaged in reducing the risk of situations of financial tension partly through the completion of some extraordinary transactions”.

Loss-making Sorgenia has run up 1.8 billion euros ($2.5 billion) of debt, 600 million euros of which must be cleared to keep it afloat in the short term. ($1 = 0.7256 Euros) (Reporting by Stephen Jewkes, editing by Isla Binnie)

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