Mariella Burani seeks protection from creditors - leatherbiz: Leading Leatherbiz

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Mariella Burani seeks protection from creditors

16/02/2010

According to reports, Italian leathergoods group Mariella Burani’s creditors are likely to become shareholders in the company as it pursues bankruptcy protection.

CEO Gabriele Fontanesi reportedly revealed this information to Italian newspaper Il Sole 24 ore this week.

Shares in the company were suspended on August 31, leading to widespread speculation that the group was in serious trouble. The company has now accrued debt of almost EUR 500 million and is seeking protection from creditors having failed to secure the funding it needed to cover its losses, which totalled more than EUR70 million.



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