By  on February 22, 2010

MILAN — Mariella Burani Fashion Group appointed Giuliano Tagliavini chairman of the board on Friday, effective immediately.


Tagliavini has been an independent member of the board since April 30, 2009, and, according to a company statement, “is considered an expert in economics and corporate finance and has a significant professional background in the banking and financial sectors.” Walter Burani, founder of the group,resigned as its chairman on Feb. 17, as reported.

Also on Friday, Antichi Pellettieri SpA, the leather goods conglomerate controlled by MBFG and listed on the Milan Stock Exchange, renegotiated its debt of 71 million euros, or $96.6 million at current exchange rates, with several banks. The restructuring plan is expected to allow the banks to start supporting AP again with fresh funds and open it up to new financing.Under the new agreement, the deadline is set at Dec. 31, 2014. If AP fails to meet the deadline, it will have to release its shares in accessories firm Baldinini Srl and Mosaicon SpA, which controls accessories brands Braccialini, Mandarina Duck, Francesco Biasia and Dadorosa. AP shares closed up 14.22 percent on Friday, reaching 0.731 euros, or $0.994.

Earlier this month, a Milan court declared the bankruptcy of MBFG’s parent company BDH, which is based in Amsterdam and is now under investigation for fiscal fraud. MBFG, which has debts of more than $600 million, is asking for bankruptcy protection and seeks to be put into administration.

MBFG produces and distributes collections for fashion brands such as Giambattista Valli, La Perla and Vivienne Westwood, among others.

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