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Ittierre files for bankruptcy protection under Legge Marzano
10 Feb '09
2 min read
The Board of Directors of IT Holding S.p.A. met to examine the results of the exploration conducted by the Chief Executive Officer on the basis of the resolution passed on February 3rd. The Board ascertained the absence of the conditions necessary to continue its operations in a regular course of business; in particular with regards to the availability of the necessary financial resources and the continuity of its license agreements.
As a result, the Board of Directors of ITTIERRE S.p.A., a subsidiary of IT Holding S.p.A., resolved to file for the “amministrazione straordinaria” under the “Legge Marzano” to allow the Group to be restructured and to continue its business operations.
Consequently, the Board of Directors of IT Holding S.p.A. resolved to meet again soon to examine the necessary actions to be taken – should, in the meantime, the Commissioner appointed by the Ministry not have proceeded with extending the extraordinary administration also to the Company IT Holding – in the light of the fact that in accordance with the indenture governing the 9 7/8% Senior Notes Due 2012, should a subsidiary fall under extraordinary administration the notes become immediately redeemable, as well as to examine an updated financial situation which will be prepared in due course, in view of a shareholders' meeting to be convened for the necessary resolutions.
The Board also resolved to request Borsa Italiana to exclude the IT Holding shares from the STAR segment.
IT Holding Group is one of the leading players in the luxury goods sector and controls a group of companies that design, produce and distribute high-quality products (ready-to-wear and accessories) under fully owned brands – Gianfranco Ferré, Malo, and Extè – as well as under license agreements – VJC Versace, Versace Sport, Just Cavalli, C'N'C Costume National, and Galliano. IT Holding S.p.A. distributes its products through third-party stores and directly operated stores in major world capitals.
As a result, the Board of Directors of ITTIERRE S.p.A., a subsidiary of IT Holding S.p.A., resolved to file for the “amministrazione straordinaria” under the “Legge Marzano” to allow the Group to be restructured and to continue its business operations.
Consequently, the Board of Directors of IT Holding S.p.A. resolved to meet again soon to examine the necessary actions to be taken – should, in the meantime, the Commissioner appointed by the Ministry not have proceeded with extending the extraordinary administration also to the Company IT Holding – in the light of the fact that in accordance with the indenture governing the 9 7/8% Senior Notes Due 2012, should a subsidiary fall under extraordinary administration the notes become immediately redeemable, as well as to examine an updated financial situation which will be prepared in due course, in view of a shareholders' meeting to be convened for the necessary resolutions.
The Board also resolved to request Borsa Italiana to exclude the IT Holding shares from the STAR segment.
IT Holding Group is one of the leading players in the luxury goods sector and controls a group of companies that design, produce and distribute high-quality products (ready-to-wear and accessories) under fully owned brands – Gianfranco Ferré, Malo, and Extè – as well as under license agreements – VJC Versace, Versace Sport, Just Cavalli, C'N'C Costume National, and Galliano. IT Holding S.p.A. distributes its products through third-party stores and directly operated stores in major world capitals.
IT HOLDING S.p.A.
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