A Milan judge has decided to put off the decision on whether to declare Italian property company Risanamento bankrupt. The decision, which was expected last week, has been postponed until 15 October.
A Milan judge has decided to put off the decision on whether to declare Italian property company Risanamento bankrupt. The decision, which was expected last week, has been postponed until 15 October.
Earlier this month, the board of the debt-laden property developer approved a financial plan aimed at staving off bankruptcy. The restructuring also received the green light from the company's main creditor banks, Intesa Sanpaolo, UniCredit, Banca Monte dei Paschi di Siena, Banco Popolare, and Banca Popolare di Milano.
The financial plan includes a EUR 150 mln injection through a capital increase to be carried out at a price of EUR 0.45 per share and the granting of a EUR 350 mln loan. The group's banks have been exempted by Italian stock market regulator Consob from making a takeover bid for the company.
Risanamento, which is saddled with a debt of EUR 2.85 bn, saw losses widen to EUR 171 mln in the first six months of 2009 from a loss of EUR 80 mln a year before.
