Recovery, the crisis worsens, reorganization weighs on Milan Santa Giulia

The Risanamento crisis has worsened and the real estate group must "take measures with the utmost urgency", the board of directors meeting on 28 October is indicated as the limit.

The board of directors, which met on October 15, examined the preliminary accounts which showed "a worsening of the already critical financial situation", we read in a note.

The causes are mainly "the losses accrued in the 2020 financial year (equal to 32.75 million), the postponement of the reorganization of the MSG Heartbeat fund to which the Milan Santa Giulia maxi-project is linked (which is worth a total of 154 million euros, ed.), as well as the absence of a capital strengthening and the request for an extension of the execution of the payment commitment undertaken by Bizzi & Partners.

"The exact extent of the losses is being defined" specifies a note but the board of directors "has given a mandate that, also with the help of its consultants, all the necessary activities be undertaken with the utmost urgency so that the board of directors scheduled for 28 October can take the measures required by law without delay".