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Reuters
Published
Aug 4, 2009
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Mariella Burani says not in market-rigging probe

By
Reuters
Published
Aug 4, 2009

MILAN, Aug 4 (Reuters) - Italy's Mariella Burani Fashion Group (MBFG.MI) said it was not involved in a reported investigation into market-rigging and false accounting.


Mariella Burani autumn-winter 2009/2010

Earlier on Tuesday 4 August daily newspaper La Repubblica had said in an unsourced report that prosecutors had opened an inquiry into possible market-rigging and false accounting at the company.

"Upon the market regulator's request following La Repubblica's report, the company clarifies that it is not part of the judicial process cited in the article," Mariella Burani said in a statement.

Shares in the company, which makes ready-to-wear womenswear and leather goods, were suspended for excessive losses most of the day, indicated down 9.44 percent at 1.87 euros.

Earlier Exane BNP Paribas "slashed" its 2009 earnings estimates ahead of the company's scheduled late-August release of first-half results, cutting the stock's target price to 1.60 euros. It said the company is facing negotiations with a pool of banks on its debt repayment schedule.

Mariella Burani said on Monday 3 August its debt restructuring programme includes a "hypothetical" capital increase of up to 50 million euros as a means of reinforcing its financial structure.

(Reporting by Milan newsroom; Editing by Greg Mahlich)

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