Pininfarina says aims for debt deal by year end
MILAN, Dec 23 (Reuters) - Italian car designer Pininfarina (PNNI.MI: Quote, Profile, Research) said on Tuesday it was still in talks with creditor banks about debt rescheduling and a company recapitalisation and hoped to have a deal by Dec. 31.
Pininfarina, which designs models for Ferrari, said earlier this month it had reached a draft agreement on debt rescheduling with creditors under which its majority shareholder will dilute its 50.6 percent stake.
Pininfarina did not give any details in the statement on Tuesday.
Pininfarina has been in talks with its banks on rescheduling more than 600 million euros of debt since signing a standstill agreement on Aug. 1. Its banks include Italy's biggest lenders, Intesa Sanpaolo (ISP.MI: Quote, Profile, Research) and UniCredit (CRDI.MI: Quote, Profile, Research).
(Reporting by Svetlana Kovalyova; Editing by Erica Billingham)
© Thomson Reuters 2009 All rights reserved
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
GLOBAL RECOVERY
Global economy in holding pattern - IMF
The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months. Full Article
India
US
UK
