By and and  on December 1, 2009

MILAN — Safilo Group SpA escaped bankruptcy on Monday as Hal Holding NV said it had accepted 50.99 percent of the troubled Italian eyewear maker’s tendered notes.

The Amsterdam-listed Hal waived the minimum 60 percent tender threshold and said it had reached an agreement with Safilo and Only3T SpA, which holds a 39.9 percent stake in the company and is controlled by the Tabacchi family,to acquire an equity interest in Safilo ranging from 37.23 percent to 49.99 percent. Hal will proceed with the cash settlement on Friday and the acquisition of Hal’s equity interest in Safilo is expected to close in the first quarter of 2010.

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