Italian real estate developer Risanamento SpA (RN.MI) said Wednesday a multimillion bond guarantee by its Italian creditor banks is one of the options of the rescue plan drafted by its advisors.

According to press reports, Risanamento's creditor banks - Intesa Sanpaolo SpA (ISP.MI), UniCredit SpA(UCG.MI), Banco Popolare SC (BP.MI) and Banca Popolare di Milano (PMI.MI) - will guarantee a EUR220 million convertible loan expiring in 2014.

The move to guarantee the bond will block other creditors from claiming early repayment.

In July, Milan-based Risanamento's advisors started to work on a new restructuring plan to be submitted to a Milan judge by Sept. 1 in order to avoid bankruptcy.

A hearing has been scheduled for Sept. 22.

-By Sabrina Cohen, Dow Jones Newswires; +39 02 5821 9906; sabrina.cohen@dowjones.com
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