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Manager Rivera: from ITA disaster now eligible for DoValue

Ex-Mef CEO running for credit manager presidency

The former general director of the Italian Ministry of Economy and Finance (MEF) Alessandro Rivera, who had scuttled the agreement with the shipowner MSC for the privatization of the flag carrier ITA Airways, would be in the running to take over the position as president of the company doValue, an European operator that manages credit and real estate portfolios deriving from impaired loans, strongly focused on Italy and with assets worth 120 billion euros.

DoValue, engaged in a consolidation operation in the world of difficult to collect debts which involves the acquisition of 100% of the Gardant company (controlled by the Elliott fund), is apparently thinking of Rivera due to his many years of experience in managing major credit crises Italian: from the State rescue of the Monte dei Paschi di Siena bank to that of the Etruria institute. A controversy is mounting among some industry analysts.

The former Treasury executive is now a senior consultant on the European financial sector for the investment company Bain Capital. However, Rivera's name is linked to an operation that he contributed to complicating: the privatization of ITA Airways. In mid-2022 the airline was practically in the hands of a consortium made up of the Italian-Swiss shipping company MSC and the German airline Lufthansa. Nothing came of it: the Draghi Government, following input from the then general director Rivera, decided to negotiate exclusively with another consortium (the American Certares fund with the US carrier Delta Air Lines). A decision strongly regretted today, considering the various sacrifices requested by Brussels to authorize the sale of ITA to Lufthansa.

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AVIONEWS - World Aeronautical Press Agency