ITALY: IT Holding meets banks over loan instalment
Italian luxury fashion company IT Holding's management has met representatives of the group's major banks to discuss possible short-term actions aimed at giving financial support to the group.
It has requested to postpone an instalment due this week of a term loan headed by Intesa Sanpaolo, until 18 April 2009.
The company, which owns the Gianfranco Ferré, Malo, and Extè luxury brands, said the request had been submitted to the banks and would be examined in due terms.
Separately, the board of directors of its subsidiary Ittierre SpA reported the resignation for personal reasons of Maurizio Negro, a managing director of the company.
just-style reported earlier in the month that the board of directors at IT Holding had asked chairman Tonino Perna to continue talks with Mensun, a company represented by Chinese businessman Billy Ngok, until the end of the year.
The talks are under an exclusivity agreement ending 31 December but no further details were given by IT Holding. However, the company outlined in September that its parent, GTP Holding, was in negotiations with Ngok over a potential minority shareholding in GTP.
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