UPDATE 1-Safilo falls on widening loss, debt default warning

* Results, uncertainty over recap deal hits shares

* Shares fall more than 6 pct

(Adds analyst comment, background)

By Cristina Carlevaro

MILAN, Nov 12 (Reuters) - Shares in Italian eyewear maker Safilo SpA (SFLG.MI) fell on Thursday after the debt-laden company reported a widening third-quarter net loss and warned it could default on its debt if its recapitalisation plan fails.

The maker of Gucci and Dior sunglasses last month announced a recapitalisation plan that depends on the successful completion of a cash tender offer launched by shareholder Hal Holding for outstanding high-yield notes by Nov. 18. [ID:nLK330999]

In a statement after market close on Wednesday, Safilo said only 1.03 percent had been tendered at the "early bird date", in addition to the 38.76 percent committed before the tender offer by existing noteholders. [ID:nLB268921]

"The uncertainly of the deal and the very weak results are hurting shares, it's a dramatic situation," said one analyst, who declined to be named.

Shares were down 6.39 percent at 0.527 euro at 1132 GMT.

"No deal means default by year end," another analyst said. "Safilo's future is strictly tied to bondholders."

The plan foresees Netherlands-based Hal buying outstanding high-yield notes of 195 million euros for a price equal to 60 percent of their nominal value as well as the restructuring of Safilo's senior debt facilities with its main financing banks.

Hal, whose investments include optical retail chain operators, needs to reach an acceptance threshold equal to or higher than 60 percent.

A third analyst said the slow take up could be explained by bondholders maybe waiting to see whether conditions would change or a new offer could come at the last minute. He was hopeful the plan would come through as the risks were too high.

"Everything will happen in the last few days," the third analyst said. "If doesn't, the bondholders will only have some scrap paper left over."

On a conference call, Safilo CEO Roberto Vedovotto said conditions for the cash tender offer would not change.