Fincantieri Posts $246M Loss

Fincantieri posted a nine-month 1999 operating loss of $246 million, citing continuing merchant shipping industrial problems and the evaluation of risks linked to existing orders given current market conditions. Fincantieri, a world leader in the construction of large cruise ships, posted record 1998 losses of $160 million. The company, part of state industrial holding group IRI, which is being wound down, said a current restructuring plan should start having positive effects in coming months. Fincantieri's board called ordinary and extraordinary shareholders' meetings for Nov. 26 and Dec. 7 to approve a planned recapitalization plan involving private financial investors.