Prada Receives Extension on Loan

With fashion houses being hit left and right by the global recession, Prada received some good news this week: They will receive an extension on their loan, allowing them to continue with their plans for expansion. Prada Holding, through which Patrizio Bertelli and his wife Miuccia Prada control 95 percent of Prada SpA, has reported debts of €650 million (or $937 million), with two loans totaling an additional €500 million, both of which were due to be paid next summer. Bertelli and Miuccia will be able to keep their majority holding until the company is listed on the Milan Bourse, sometime before 2012.