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CIR Won’t Refinance Bond, Sell Sorgenia, Chief Tells Il Sole

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Dec. 5 (Bloomberg) -- Compagnie Industriale Riunite SpA will not sell more debt to replace a 140 million-euro ($188 million) bond maturing in January and has no plans to sell a stake in energy company Sorgenia SpA, Chief Executive Officer Rodolfo De Benedetti, said in an interview with newspaper Il Sole 24-Ore.

De Benedetti said CIR did not need to refinance the bond as the holding company had 400 million euros in liquidity, the newspaper said. CIR has had talks on the possible sale of a 20 percent stake in Sorgenia, though decided that now is not the time to bring in new investors, he told the newspaper.

To contact the reporter on this story: Andrew Davis in Rome at abdavis@bloomberg.net

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net

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