RN Risanamento

MILAN (MF-Dow Jones)--A Milan judge Tuesday decided to adjourn a hearing on the possible bankruptcy of Italian real estate developer Risanamento SpA (RN.MI) to Oct 15.

The decision was widely expected by lawyers and bankers involved in the case after two Milan prosecutors that have filed the insolvency request to the bankruptcy court Monday rejected Risanamento's restructuring plan.

Risanamento is facing bankrutpcy after Milan prosecutors in July filed an insolvency request following the announcement the company had over EUR2.8 billion debt.

Creditor banks, which include also Italy's two largest banks UniCredit SpA (UCG.MI) and Intesa Sanpaolo (ISP.MI), have pledged to subscribe to a capital hike of up to EUR135 million as well as to back-up a bond worth EUR270 million if the Milan court decides not to declare Risanamento bankrupt.

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