MILAN — The state-appointed administrators of Ittierre SpA said they have secured fresh funds totaling 60.6 million euros, or $77.4 million at current exchange rates, financed by a pool of banks that include UniCredit Corporate Banking, Intesa Sanpaolo and Banca Popolare di Milano, among others.
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Parent company IT Holding SpA, which has been in government-backed bankruptcy protection since February 2009, said it has received approval for the loans by the minister of economy and finance, the minister of economic development and the European Union.
IT Holding also owns the Malo and Gianfranco Ferré brands, which, together with Ittierre, are being publicly auctioned.
The group also revealed the exit of Enrico di Muccio, managing director of IT USA Inc., whose responsibilities will be taken over by Massimo Suppancig, managing director of Ittierre SpA. Suppancig will oversee a restructuring of the U.S. subsidiary, the company said. Suppancig is also managing director of Malo SpA. The company said the collections produced by Ittierre, which includes Just Cavalli, C’N’C Costume National, Galliano and Ermanno Scervino, will continue to be presented at the group’s New York office in Battery Place.
In a separate development, Italy’s minister of economic development Claudio Scajola, who appointed Andrea Ciccoli, Roberto Spada and Stanislao Chimenti as administrators of the group, has resigned over a real estate probe. This, however, will not affect the group or the administrators going forward. Italy’s prime minister Silvio Berlusconi has taken over the ministry ad interim.