By  on September 17, 2009

MILAN — Mariella Burani Fashion Group SpA is to hold an extraordinary shareholders meeting to discuss refinancing options after losing close to $200 million in the first six months of this year.

Additional funds of 83.5 million euros, or $122.1 million, are needed “to cover losses in the period,” MBFG said Wednesday.

Dollar figures were converted at average exchange rates for the period.

The group added it was continuing negotiations with creditors for a standstill agreement on its debts, which were 478.4 million euros, or $699.5 million, at the end of June, and had applied to move its shares to the Milan Stock Exchange’s MTA Standard segment from STAR, after shares were suspended from trading Sept. 1.

On Monday, MBFG denied it was considering the sale of strategic assets, such as leather goods unit Antichi Pellettieri, or parts of it, following a press report it was looking to sell some operations. Italy’s La Repubblica also said leather goods maker Piquadro had shown interest in some of Antichi Pellettieri’s brands.

Earlier this month, MBFG said it was in contact with industrial partners, who were “interested in developing a business in their own countries with the brands that are part of the MBFG stable, both in leather and apparel,” to strengthen the group and continue expansion internationally.

In August, the firm said it was seeking to raise up to 100 million euros, or $146.2 million, via a capital increase, as part of a debt restructuring program.

MBFG’s holdings include Mandarina Duck and it has licenses with La Perla (ready-to-wear), John Galliano (jewelry), Aquascutum (footwear) and, most recently, Giambattista Valli.

MBFG sold its stakes in jewelers Calgaro Srl and Rosato Srl earlier this year to focus on apparel and leather goods, which together account for more than 90 percent of group turnover.

MBFG posted net losses of 142.1 million euros, or $188.9 million, in the first six months of 2009, compared to net profits of 3.9 million euros, or $5.9 million, in the same period last year.

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