Nov 29, 2009
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Mariella Burani sees agreement with banks on debt

Nov 29, 2009

MILAN, Nov 27 (Reuters) - Italy's Mariella Burani Fashion Group (MBFG.MI) expects to reach a broad agreement with banks on its debt by the middle of next month with a formal deal seen by the end of the year, Chief Executive Gabriele Fontanesi said. "We are close to (agreement) with the banks. There are daily meetings, we will meet again early next week," Fontanesi told Reuters in a telephone interview on Friday 27 November.

Burani Mariella
Mariella Burani fashion show autumn-winter 2009/2010

"There is little time to find an agreement."

The accessible luxury goods maker said on Thursday 26 November its board has called an extraordinary shareholders meeting on Dec. 16, adding it could call another shareholders ' meeting by mid-January aimed at covering losses and approving a possible capital increase.

"By Dec 16 we hope to have, let's not call it a commitment, but a firm backing from the banks," Fontanesi said. This means the banks "believe a formal accord is possible".

"The technical timeframe envisages an agreement by the end of December".

He added banks were "ready to find a solution."

(Reporting by Cristina Carlevaro)

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