Italian debt-laden property company Risanamento announced it has obtained a new credit line of up to EUR 76 mln from a consortium of five Italian banks. The syndicate comprises lenders Intesa Sanpaolo, UniCredit, Banca Popolare di Milano, Banco Popolare and Banca Monte dei Paschi di Siena.
Italian debt-laden property company Risanamento announced it has obtained a new credit line of up to EUR 76 mln from a consortium of five Italian banks. The syndicate comprises lenders Intesa Sanpaolo, UniCredit, Banca Popolare di Milano, Banco Popolare and Banca Monte dei Paschi di Siena.
The banks had already given the green light for the restructuring of the company's EUR 2.8 bn pile of debt in September. Through the restructuring plan, the Milan-based property developer is seeking to avoid being declared bankrupt at a court hearing to be held on 15 October.
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.
