Safilo says banks approve debt deal.................

[Chris Ryser]

Safilo says banks approve debt deal
Tue Dec 29, 2009 4:48pm GMT

* Senior financing banks agree debt restructuring plan

* Plan is condition for Dutch Hal Holding rescue

* Safilo shares close down 0.95 percent

(Adds details, background, shares)

MILAN, Dec 29 (Reuters) - Senior financing banks for Italy's Safilo SpA (SFLG.MI) cleared a debt restructuring deal, paving the way for Dutch investment company Hal Holding to rescue the eyewear maker, Safilo said on Tuesday.

In a statement, the maker of Dior and Gucci sunglasses said its creditor banks had also given it until June 30 to repay senior finance instalments, which were due on Dec. 31, and banks had waived covenants on the same financing.

"Financing banks involved in the senior financing have also approved the contents of a debt restructuring deal already negotiated with Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI)," Safilo said.

Safilo's net debt was 586.3 million euros ($843.5 million) at the end of September. ..................................

continue: http://uk.reuters.com/article/idUKLD...091229?sp=true

[Johns]

Well, I guess this is one time where "Safilo" and "deal" can actually be used in the same sentence, and make sense!