Risanamento's Chief Executive Officer Luigi Zunino has resigned, according to a report by newswire Bloomberg. The Italian real estate developer said it has raised cash after a Milan prosecutor’s request that the company be declared bankrupt.
Risanamento's Chief Executive Officer Luigi Zunino has resigned, according to a report by newswire Bloomberg. The Italian real estate developer said it has raised cash after a Milan prosecutor’s request that the company be declared bankrupt.
Risanamento has raised EUR 18 mln from 'portfolio trading,' the company said in a statement on Monday. It has also signed contracts to bring in an additional EUR 9 mln. The company also said creditors are reviewing its restructuring plan and that municipal authorities in Sesto San Giovanni approved a zoning decision to develop the 'ex-Falck' area.
Risanamento must respond to the prosecutor’s request at a July 29 hearing in Milan.
The company said in March that its 2008 full-year loss widened to EUR 213.7 mln from EUR 91.7 mln a year earlier, as the global economic crisis depressed demand for real estate. Risanamento was forced to negotiate a moratorium with lenders for nearly two thirds of its Italian unit’s debts.
