UPDATE: Risanamento Reaches Deal With Banks On Restructuring

(Adds confirmation of Risanamento deal in the first two paragraphs.)

MILAN (MF-Dow Jones)--Risanamento SpA (RN.MI) said Wednesday it reached a deal with its creditor banks as part of the restructuring plan to save the Italian real estate developer saddled with debts of more than EUR2.8 billion from being declared bankrupt.

In a statement, Risanamento said the board approved the restructuring accord with the banks and its growth plan. It didn't give any details.

Earlier Wednesday, people familiar with the matter said the deal between Risanamento and the banks, which includes Italy's two biggest lenders UniCredit SpA (UNCFF) and Intesa Sanpaolo SpA (ISNPY), includes a capital increase of EUR150 million and a convertible loan worth EUR350 million.

Risanamento had the deadline for submission of its restructuring plan postponed to Sept. 9 by a Milan court, people familiar with the matter said Tuesday.

Wednesday, Risanamento also said it has asked Italian securities regulator Consob to exempt the creditor banks from launching a takeover offer on the shares of the real estate developer they don't already own, as it is a condition set by the lenders.

According to a person who asked not to be named Tuesday, Consob could announce a decision as early as Thursday.

Company Web site: www.risanamentospa.it

-By Liam Moloney, Dow Jones Newswires; [phone]; [e-mail]

(Rosario Murgida, MF-Dow Jones, contributed to this report.)