Mariella Burani Seeking Bankruptcy Protection

The Mariella Burani Fashion Group is seeking protection from creditors. While MBFG does not plan to close their doors, their shares have been suspended and they are $650 million in debt. The company has been in talks to restructure a deal with the banks, but while that has been difficult, they have decided to move forward in asking for bankruptcy protection. Before this event, on February 11, 2010, the family’s Burani Designer Holding (which indirectly controls MBFG) was declared bankrupt by a court. MBFG will continue to work on receiving bankruptcy protection in an effort to keep the company alive.

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