AT RISK: Fin.part SpA, which is on the verge of filing for bankruptcy, confirmed it has received an offer from Invision SA, a Luxemburg-based company controlled by a group of private investors, to buy Cerruti 1881. Invision would pay 130 million euros, or $168.4 million, for the transaction, of which 10 million euros, or $12.9 million, would be upfront; the outstanding share would be paid in 12 monthly installments. The statement also said that both Fin.part and Cerruti Holding have 10 days to accept the offer. Meanwhile, the Milan stock exchange has initiated procedures to delist Fin.part shares from the market, a Borsa Italia spokesman said. He said the stock market has 60 days to make an official decision and that Fin.part can appeal the measure and request a hearing to state its case. Fin.part shares have been suspended from trading since July 2004, when the company said it was defaulting on nearly $260 million of bonds. The Borsa initiated delisting procedures because auditors have rejected Fin.part’s accounts for the past three fiscal years as the cash-strapped parent of the Cerruti fashion house spiraled into a financial crisis.

This story first appeared in the May 9, 2005 issue of WWD. Subscribe Today.

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