Los Angeles, CA, United States (CNS) – Italian fashion group Mariella Burani is seeking ways to avoid bankruptcy, including meeting with creditor banks to discuss the estimated debt of nearly $1 billion.
The estimated debt combines the four group companies under the Burani name, including Mariella Burani, Antichi Pellettieri, Greenvision Ambiente, and Bioera.
The clothes-maker was recently seeking a new financial advisor after their former advisor, Mediobanca Banca di Credito Finanziario, was unable to renegotiate debts for the group. Burani holds debt with over 40 banks and creditors, which include Deutsche Bank, Bank of China, and Barclays Bank.
Two of Burani’s largest creditor banks, UniCredit SpA and Intesa Sanpaolo SpA are discussing a legally binding creditors’ agreement for the fashion group which sets out how the debt should be repaid.
Mariella Burani Fashion Group previously said in a statement that it was not seeking bankruptcy protection. It also seeks to continue “ongoing operations.”