By  on February 12, 2010

MILAN — A Milan court on Thursday declared Burani Designer Holding NV bankrupt, although chairman Walter Burani later said the company had yet to receive any communication about the move.

Burani also underscored that the decision would not pertain to Mariella Burani Fashion Group, controlled by BDH. A Mariella Burani runway show remains scheduled for March 1, at the tail end of Milan Fashion Week.

A MBFG board meeting is scheduled for today.

In January, Milan prosecutors Luigi Orsi and Mauro Clerici Orsi filed a bankruptcy request for BDH, contending the firm owes 20 million euros, or $27.8 million at current exchange, to three private equity funds, including La Perla parent company JH Partners, which assisted the group in its tender offer of 15 percent of Mariella Burani Fashion Group at the end of 2008. The prosecutors believe BDH does not have funds to repay this debt, nor another debt of 5 million euros, or $6.9 million, with MBFG, and one of 15 million euros, or $20.9 million, with a pool of banks.

BDH controls Mariella Burani Fashion Group, which produces Vivienne Westwood’s Anglomania line, John Galliano’s jewelry, Giambattista Valli and La Perla, among others. MBFG was listed on the Milan Stock Exchange in July 2000. About 20 percent of its shares are held by investors, but trading was suspended in September. Four companies under the Burani group are listed: Mariella Burani, Antichi Pellettieri, Greenvision Ambiente and BioEra.

The total debt of the four listed companies is 633.1 million euros, or $882.2 million.

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