Saipem SpA is considering a roughly 4 billion euro ($4.5 billion) restructuring package that could include a cash injection and asset sales, according to people familiar with the matter, in the wake of a shock profit warning.
The Italian engineering firm is exploring plans for a capital increase of about 2 billion euros and also negotiating with banks to extend a 1-billion-euro credit facility, the people said. It’s also working with advisers on the potential sale of one of its drilling divisions, they said. A drilling sale could raise 1 billion euros, one of the people said.
Source: Bloomberg
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