Ottaviano Del Turco, new PSI Secretary from February 1993, tried to mediate a solution to avoid the closure of "Avanti!". In August 1993, a series of fund-raising events were organised but the newspaper failed to revive. The company in charge of the newspaper Nuovo Editrice L'avanti! was formally declared bankrupt in March 1994 after the electoral collapse of the Italian Socialist Party which had failed to gain a minimum of 3% of the vote. The fact that the paper was a political newspaper and the influence of the Craxi in a way contributed to its fall when the PSI was hit by heavy corruption scandals. In October 1993, desks and typewriters were seized to pay 105 million lire. The newspaper was in a chronic crisis and closed in November 1993: after nine months of work without retributions, journalists not longer judged as credible the reassurance made by newspaper and party leaders and they ceased to come to the redaction by voting the start of bankruptcy procedure during an assembly.