course open to it in order to avoid the duty of filing a petition in bankruptcy was to request to the tribunal to be admitted to the procedure of judicial settlement ("concordatopreventivo'y under Articles 160 et seq. of the Italian Bankruptcy Act; this would have required proof that at least 40 per cent of the unsecured claims would be met. The expert appearing on behalf of the United States however stated that apparent inability to pay al1 creditors at 100 per cent is not fatal to voluntary and orderly liquidation. In this context he mentioned in particular the practice of "private settlement" ("concordatostragiudiziale"). 26. The management of ELSI was conscious that a financial crisis was imminent, and during the period from September 1967, the responsible officers of the company were keeping a close watch on the declining funds to ensure that the company did not reach a point where continued operation would be contrary to Italian law. At a meeting held on 21 February 1968 between representatives of Raytheon and ELSI and the President of the Sicilian region, the Chairman of ELSI "drew a precise time chart showing: (a) February 23 - Board Meeting; (6) February 26 to 29 inevitable bank crisis; (c) March 8 - we run out of money and shut the plant"; the hand-written minutes of that meeting record also that "the date of March 8 was stressed repeatedly as the absolute limit for the shut-down due to a total financial crisis". 27. On 16 March 1968, the Board of Directors of ELSI met to consider a report on the financial situation, and concluded "that there is no alternative to the discontinuation of the company's activities" ;the Board "decided the cessation of the company's operations, to be carried out as follows : (1) production will be discontinued immediately ; (2) commercial activities and employment contracts will be terminated on March 29,1968". This decision was notified to the employees of ELSI by a letter of 16 March 1968. On 28 March 1968,a meeting of shareholders of ELSI was held, at which it was decided (inter alia) "to ratify the resolutions adopted by the Board of Directors at the meeting of March 16,1968, and hence to agree that the Company cease operations". Meetings with Italian officials however continued up to 29 March 1968;the Italian authorities continued to give broad assurances of an intervention by ESPI, and vigorously pressed ELSI not to close the plant and not to dismiss the workforce, but the officials of the company insisted that this was inevitable unless more capital was forthcoming. On 29 March 1968 letters of dismissal were mailed to the employees of ELSI.