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Italy's Prelios approves debt restructuring, capital increase
March 27, 2013 / 6:01 PM / in 5 years

Italy's Prelios approves debt restructuring, capital increase

MILAN, March 27 (Reuters) - 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)

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