Risanamento Bankruptcy Hearing Postponed To Sept. 22
July 29 2009 - 5:02AM
Dow Jones News
Milan judge Pierluigi Perrotti Wednesday postponed Risanamento
SpA's (RN.MI) bankruptcy hearing to Sept. 22, giving the
beleaguered real estate company more time to work through its
EUR2.8 billion debt restructuring.
"The judge decided to ask all the parties involved, as well as
Risanamento, to present a new restructuring plan by Sept. 1," Milan
prosecutor Laura Pedio said.
Risanamento's board Tuesday approved a restructuring plan that
calls for creditor banks to inject about EUR500 million into the
firm. The plan also calls for Risanamento founder Luigi Zunino to
step down from the board, in order to satisfy prosecutors' requests
for a management change at the company.
The drafted rescue plan discussed Wednesday at a the hearing to
evaluate Risanamento's bankruptcy doesn't include bondholders, the
prosecutor added.
-By Sabrina Cohen and Jennifer Clark, Dow Jones Newswires; 39 02
58 21 99 04; djitaly@dowjones.com
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