MILAN (Reuters) - Troubled Italian builder Astaldi (AST.MI) said on Monday it had asked for court permission to take out a 75 million euro ($85 million) loan from alternative lender Fortress in a race to stay afloat.
Italy’s biggest builder by sales filed for court protection from creditors in September after being hit by delays to plans to sell a bridge in Turkey.
“This new bridge finance is functional to cover urgent financial requirements for corporate business operations,” Astaldi said in a statement.
It said the loan would be given in line with terms and conditions outlined in a binding offer received from a subsidiary of Fortress Investment Group on Dec. 13.
Sources told Reuters earlier this month that Astaldi was in talks with Fortress and other alternative lenders to secure 70 million euros of immediate bridge funding..
Reporting by Giulio Piovaccari; Editing by Mark Potter