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By
Reuters
Published
Jul 15, 2009
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Mariella Burani up after new CEO named

By
Reuters
Published
Jul 15, 2009

Italy's Mariella Burani Fashion Group SpA (MBFG.MI) is up more than 5 percent, bolstered by a new chief executive and by unit Antichi Pellettieri SpA's (AP.MI) joining a standstill debt request presented by the fashion group.


Mariella Burani, autumn-winter 2009/2010 Milan

"The stock was falling. The managers had done well but the market prefers the news of a new CEO," one trader says. "The standstill is also good news."

Mariella Burani says that as part of a debt restructuring project and "as a means of reinforcing (the board's) independence", Gabriele Fontanesi is to become chief executive as of September.

He replaces Giovanni Burani who is to become president and CEO of parent company Burani Designer Holding N.V. Board member Andrea Burani is also resigning while Ettore Burani has been nominated as a board director.

In a separate statement, leather goods unit Antichi Pellettieri says it has joined the request for a standstill of debt repayments to Oct. 31, 2009, presented by the Mariella Burani group on May 27.

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