IT Holding noteholders form committee in response to Ittierre insolvency proceeding

By Caroline Salls

Pittsburgh, Feb. 13 - IT Holding SpA said holders of more than 57% of the €185 million of 9 7/8% senior notes due 2012 issued by IT Holding Finance SA have organized an informal committee to plan a joint strategy to protect their rights in connection with the opening of an insolvency proceeding for subsidiary Ittierre SpA, according to a news release.

Specifically, the company said the purposed of the noteholders' committee is to establish a dialogue with Itierre, the insolvency commissioners and the IT holding group.

The notes are guaranteed by IT Holding, Ittierre, Malo SpA and ITC SpA.

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

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