Carige Rescue Plan Set to Go Ahead Without Apollo

A plan to rescue troubled Italian lender Banca Carige SpA will proceed without the participation of Apollo Global Management, la Repubblica reported.

The European Central Bank earlier this year extended the time given to administrators managing Carige to allow for a market solution after a prior rescue plan failed. Italian media reported last week that Italy’s interbank fund was leaning against a role for Apollo, and had begun looking for a “plan B.”