Rome’s Next Big Tourist Draw Risks Going Bust Before It Opens
(Bloomberg) – Rome’s aquarium wanted to present more than the old history and old churches in millions of pilgrims and tourists who flocked to the Italian capital this year. Instead, it has become a work on how difficult it is to offer a turning point in modern times.
Italian banks Itesa Sanpaolo Spa and Unicredit Spa have a nominal interest in the struggling enterprise after being forced to write 95% of the credit exposure to the owner in a previous restructuring. However, according to the company’s files seen by Bloomberg, negotiations to collect new money from investors, including London -based troubled expert Zetland Capital, were drafted for years. This arouses more doubts about the future of the site.
The location in the EUR region of Rome – a neighborhood that first developed in the fascist period and hosted the popular monumental architecture at that time – has been under construction for almost twenty years and will probably explode if it does not open soon. Potential operating partners continue until financing.
The 13,000 square meter (139.930 square meter) project, which includes more than 100 sea species, has already cost more than 100 million € ($ 117 million). And according to corporate files, it needs at least 20 million € to get out of financial boredom and finish the job.
It is a legal dispute regarding the EUR ZONE AUTHORITY, which is looking for damage due to continuous delays from site operator Mare Nostrum Romae SRL. EUR SPA spokesman, a company that manages the development of the region by the Italian government, said to Bloomberg, said, “The arrival of a new partner may be the only chance to prevent the operation today,” he said.
Representatives of Mare Nostrum and Zetland did not respond to comments requests. Intesa and Unicredit spokesperson refrained from commenting.
The struggle to guarantee new money and challenging construction agreements, especially if relations with local authorities create a vicious circle of legal fears, which are very important to move forward, can become a swamp for debt financing providers.
Although the Italian courts have made progress to accelerate the lawsuit and bankruptcy processes in recent years, they still take longer than other high -level economies. This is a red flag for international investors even in troubled situations.
The idea of the Roman aquarium was first dreamed of in the early 2000s, and Ricciardis, a local developer family, gained a privilege to build and carry out the site for 30 years.
After a number of mishaps, delays and debts, their companies were trying to overlap with Catholic Jubilee, a festival that is expected to withdraw 30 million pilgrims to Rome this year. It seems more likely to miss this decline.
According to the corporate files by the Italian company, the negotiations with Zetland, founded by former Hig Capital General Manager Ahmed Hamdani, then hit a barricade, and other potential supporters requested assurance for an extension of the Operation agreement by the Italian company of Mare Nostrum to run in 2039 according to the corporate files.
EUR SP, will be willing to give a nine -year extension, but deeper pockets and aquarium running companies with more experiences to connect with the Mare Nostrum, including conditions, he said.
Costa Edutainment Spa, who runs a spokesman Bloomberg, operates the largest aquarium in Genoa in Genoa, is interested in the management of the site after solving financial problems. Merlin Entertainments, the global manager of leisure parks and other attraction centers, withdrew from a similar partnership before.
According to the EUR, Mare Nostrum refers to “positive expectations için for a legal solution with EUR, while the case is still waiting for the EUR.
EUR is also skeptical about the expectations of the aquarium to start in 2025.
-Help from Tiago Ramos Alfaro.
There are more stories like this Bloomberg.com
