U.S. Fund Apollo Presents Rescue Plan For Italy’s Carige: Sources

www.oann.com | 4/16/2016 | Staff
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MILAN (Reuters) – U.S. private equity fund Apollo Global Management has presented a draft rescue plan for Italy’s troubled bank Carige, three sources close to the matter said.

Meanwhile, Italian banks are considering whether they could step in to plug Carige’s entire capital shortfall, the head of a deposit guarantee fund made up of all of the country’s banks said on Wednesday.

Carige - Administration - Central - Bank - January

Carige, which was placed under special administration by the European Central Bank in January, has a capital shortfall of 630 million euros ($706 million).

Carige’s temporary administrators have been trying to find a buyer for months but their efforts were thrown into disarray last month when BlackRock pulled out of a proposed rescue plan. That plan included the conversion into equity of a 320 million euro bond held by the FITD deposit guarantee fund.

Sources - Wednesday - Apollo - Carige - Insurance

Two of the sources said on Wednesday Apollo, which already owns Carige’s insurance units, had presented its offer through Italian broker Equita, which is acting as its adviser.

Salvatore Maccarone, who heads the FITD fund, said it had received an offer by an unnamed party, but it was still at such an early stage that the fund could...
(Excerpt) Read more at: www.oann.com
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