The financial troubles of Rome’s famed Cinecittà Studios were the subject of yet another crisis meeting on Monday involving the Italian Treasury and the Culture Ministry, who are respectively the owner and the supervisor of Cinecittà.
Sources close to Cinecittà have told The Hollywood Reporter Roma that a two-hour-long meeting of shareholders on Monday evening discussed the company’s financial crisis and decided upon urgent actions aimed at saving the fabled Rome institution.
Cinecittà insiders say that mounting losses this year will completely wipe out Cinecitttà’s share capital, requiring a government injection of money in order to avoid technical bankruptcy.
The shareholders discussed a bail-out for the company, which could cost the government, and ultimately Italian taxpayers, more than 20 million euros ($21 million). They decided to defer such action however, until March, when the company’s fully audited final accounts will be completed and certified by an independent auditor. Meanwhile, the meeting Monday also took note of the need to represent and restate the company’s 2023 accounts.
The company’s board was informed a little more than a week ago that irregularities had been discovered in the 2023 balance sheet. An independent inspection was undertaken by PriceWaterhouse Coopers, and on Monday evening the shareholders digested the conclusions, which require the refiling of Cinecittà’s 2023 accounts. This will probably lead to Cinecittà showing a loss rather than the previously recorded profit.
Monday’s meeting in Rome, which lasted beyond normal working hours and ended after nine o’clock in the evening, was also scheduled to discuss the issue of whether to take legal action against Nicola Maccanico, the former CEO of Cinecittà. But the shareholders decided to delay discussion of this delicate matter until Thursday. Critics have accused Maccanico of negligence, and said he tried to cover up losses at Cinecittà in 2023.
After a request for comment from THR Roma last week, Maccanico replied via text: “I have already said what I have to say…This is just not my moment to talk.”
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