Monte Paschi Top Investor, Creditors Move Standstill Deadline

Date : 05/02/2012 @ 5:14AM
Source : Dow Jones News
Stock : JP Morgan Chase & Co. (JPM)
Quote : 93.16  1.88 (2.06%) @ 2:22PM

Monte Paschi Top Investor, Creditors Move Standstill Deadline

Mps (BIT:BMPS)
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The Italian banking foundation that controls Banca Monte dei Paschi di Siena SpA (BMPS.MI), Italy's third largest bank, said Wednesday it has agreed with its lenders to postpone to May a deadline to reach an agreement to bring down its debt.

In a statement, Fondazione Monte dei Paschi di Siena said the negotiations are at "very advanced" levels and the only the "last details" are needed for its debt restructuring.

The previous standstill agreement with the creditors expired Monday.

The foundation has also started selling part of its controlling stake in the bank to raise capital.

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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