Mariella Burani Creditors To Meet On Debt Restructuring-Sources
21 1월 2010 - 1:46AM
Dow Jones News
ROME (MF-Dow Jones)--Creditor banks owed EUR492 million from
struggling Mariella Burani Fashion Group (MBFG.MI) will meet
Thursday to discuss ways for the clothing manufacturer to avoid
bankruptcy, people with knowledge of the situation said
Wednesday.
The meeting has been scheduled ahead of a hearing expected on
Jan. 27 at which a judge will examine whether one of the holding
companies controlling the firm must file for insolvency after it
burned through all its shareholders' equity and accumulated overdue
loans of around EUR20 million.
An insolvency filing by one of the holding companies could place
the entire group at risk.
The clock is ticking for Mariella Burani's survival, since the
complexity of the company's maze of holding companies makes it
unlikely that creditors and shareholders can find an agreement
before the court date next week, one of the people said.
The company has foundered recently after the controlling
shareholder, the Burani family, failed to set up a EUR50 million
escrow account as requested by its creditor banks, to be used to
fund the company's planned capital increase, which is expected to
be completed by Feb. 12.
-By Gabriele La Monica, with MF-Dow Jones, and Chiara Vasarri,
Dow Jones Newswires; 39 06 6976 6923;
chiara.vasarri@dowjones.com
(Sabrina Cohen in Milan contributed to this article)
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