Posted: Mon., Jun. 12, 2000

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Deutsche Bank coin toss set to bail out Cecchi Gori

Loan to pay Merrill Lynch for $294 mil bond

MILAN -- Vittorio Cecchi Gori's beleaguered TV and film company and Germany's Deutsche Bank are very close to signing an agreement that will give some financial relief to the Florentine media tycoon, daily La Repubblica reported Friday.

The bank will apparently lend Cecchi Gori the money to pay back U.S. investment bank Merrill Lynch. In 1998, Merrill Lynch arranged a $294 million bond issue backed by Cecchi Gori's huge film library, meaning that if Cecchi Gori failed to repay his debt (about $50 million per year), he could be forced to give up control of the library.

According to La Repubblica, the pending financial agreement with Deutsche Bank indicates Cecchi Gori will now be able to operate in relative calm for the next few months and prepare for an IPO on the Milan stock exchange.

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