By  on January 8, 2010

MILAN — The possibility of bankruptcy is looming over Mariella Burani Fashion Group following the resignation of its financial adviser, which failed to renegotiate the group’s debts of 492.6 million euros, or $679.7 million at current exchange, as of the end of November.

The group’s financial adviser, Mediobanca Banca di Credito Finanziario SpA, has failed to renegotiate MBFG’s debt with more than 40 banks, and quit at the beginning of the year, as revealed by MBFG this week. Creditors include Deutsche Bank, Bank of China, Cariprato and Barclays Bank plc.

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