Distressed Investor Flacks Promises Jobs in €1 Bid for Italy Steelworks
A US-based investor known for turning around distressed assets is offering to save thousands of jobs at a troubled Italian steel plant if the government allows him to take it over.
Michael Flacks, a high-school dropout who made a fortune snapping up unwanted businesses, said he’ll raise output at the money-losing former Ilva plant should he win a government auction of the Taranto site, formally known as Acciaierie d’Italia SpA. He spoke in an interview ahead of a Thursday deadline for binding offers.