Surprising relaunch of the Elliott American Fund for the acquisition of Sangalli Vetro Manfredonia. It will save all jobs.
When it all seemed like it was done with the Turkish Sisecam, Elliott made his move.
In addition to have increased the economic offer, 60 units are guaranteed immediately and from 1 January 2019, in continuity with the expiration of the Supplementary Redundancy Fund, all about 140 units still in charge will be taken directly from the new ownership.
The offer was filed yesterday with the bankruptcy judge of Treviso and the news seems to have been very successful among the workers who finally return to feel at the center of the project.
Finally all 4 lines will go into progress by 2019 gradually up to 100%. Now the bankruptcy judge will suspend the allotment that was to be settled on June 18th and should call for a new tender starting from Elliott's new proposal. It is about 17.5 million and 170 workers instead of 60.