Struggling Italian fashion company Antichi Pellettieri is close to reaching an agreement with its creditors, according to reports.

Antichi Pellettieri, part of the heavily endebted Mariella Burani Fashion Group, is hoping to conclude the agreement "soon", after agreeing a draft with its banks, according to Dow Jones Newswires.

The report said parent company Mariella Burani may have to file for bankruptcy protection if it cannot secure a cash injection of at least EUR50m (US$68.5m) to help service its mounting debts this week.

Mariella Burani did not return just-style requests for comment on the story.