MILAN, March 27 Italian real estate management company Prelios said on Wednesday it approved a 561 million euro ($717 million) debt restructuring plan, as well as a 185 million euros capital increase.
The heavily indebted company manages properties in Italy and Germany and has been hit hard by writedowns on real estate investments in its recession-hit home market.
Prelios said its net loss for 2012 was 241.7 million euros, compared to a loss of 289.6 million euros in 2011, as a result of real estate writedowns and restructuring costs.
Prelios also approved a new 2012-2016 business plan.
Prelios was spun off from Pirelli in 2010. ($1 = 0.7824 euros) (Reporting by Jennifer Clark, editing by Antonella Ciancio)
PRESS DIGEST- Financial Times - Jan 23
Jan 23 The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Dollar falls more than 1 percent against yen
TOKYO, Jan 23 The dollar slipped more than 1 percent against the yen on Monday, as investors locked in gains on the greenback's recent rise as they waited for newly inaugurated U.S. President Donald Trump to offer details of his promised stimulus.