Ittiere Looking for More Funding

Posted Oct 15th 2009 at 12:15PM by Bee-Shyuan Chang (Subscribe to Bee-Shyuan Chang's posts)

Filed under: News

Just Cavalli's Spring 2010 runway may have been upbeat, but its licensing company's future is still up in the air. Photo: Filippo Monteforte, AFP/Getty Images

Ittierre SpA isn't out of the woods just yet.

After filing Chapter 11 in February, the company was granted a $44 million line of credit intended to keep the company running, reports WWD.

But Ittiere just announced that it's looking for additional money, possibly as large as the initial $44 million, according to the paper.

The Italian company, known for its luxury licensing deals with brands including Just Cavalli, Versace Sport and Galliano, is a division of IT Holding SpA, owner of Gianfranco Ferré and Malo, among others.

In a press release issued today, Ittiere says they still have no word from bank officials on the status of their request for additional credit.

We'll keep our fingers crossed!

Ittierre isn't the only company feeling the economic burn. Read about Prada's plan to combat the recession.

Tags: bankruptcy protection, BankruptcyProtection, Galliano, Gianfranco Ferre, GianfrancoFerre, IT holding, ItHolding, Ittiere, Just Cavalli, JustCavalli, licensing, loan, Malo, Versace Sport, VersaceSport

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