Risanamento postpones results approval

Ailing Italian property company Risanamento said it has delayed the approval of its first half financial results as it strives to reach an agreement with the banks regarding its restructuring plan. In a statement on Friday, the company said that its board would reconvene to approve the accounts by Tuesday, 1 September.

Risanamento, which has almost EUR 3 bn of debt, is proposing a EUR 500 mln debt restructuring in a move aimed at staving off bankruptcy. The bail-out plan reportedly includes a EUR 350 mln loan from creditor banks and the implementation of a EUR 150 mln capital increase whereby the lenders will take control of 75% of the company and majority owner Zunino will substantially reduce his stake.

The banks involved in the negotiations are Banco Popolare, Intesa Sanpaolo, Monte dei Paschi, Popolare di Milano and UniCredit. Risanamento, whose future will be decided in a court hearing on September 22, is also in talks to receive a guarantee from the banks regarding a EUR 220 mln bond issued in 2007. On Friday Massimo Ponzellini, chairman of bank Popolare di Milano, told Italian newspapers that he was confident that the banks would agree to guarantee the repayment of the bond soon.

Market watchers say the new plan also envisages the sale of the Falck site in Milan's Sesto San Giovanni and the partial sale of Risanamento's flagship project Milano Santa Giulia within three years. In July, a state prosecutor requested Risanamento be declared bankrupt and a final decision will be taken at end-September.