IT Holding unit files for extraordinary administration to restructure group

By Caroline Salls

Pittsburgh, Feb. 9 - IT Holding SpA subsidiary Ittierre SpA's board of directors filed for an extraordinary administration in Italy to allow the group to restructure and continue its business operations, according to a company news release.

According to the release, IT Holding's board of directors decided at a meeting Feb. 8 that the conditions necessary for it to continue operations in the regular course of business have not been met, particularly in connection with the availability of necessary financial resources and the continuity of the company's license agreements.

The company said IT Holding's board of directors plans to meet again soon to examine what to do if the subsidiary's ministry-appointed commissioner does not extend the extraordinary administration to IT Holding.

Under the terms of IT Holding's 9 7/8% senior notes due 2012, the notes become immediately redeemable when a subsidiary falls under extraordinary administration.

IT Holding is a Milan, Italy-based holding company for fashion brands, including Versace, Dolce & Gabbana and Roberto Cavalli.

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