Attestor Capital to back Monte dei Paschi debt conversion - paper
MILAN (Reuters) - Investment fund Attestor Capital plans to take up a debt-to-equity conversion offer by Monte dei Paschi di Siena (BMPS.MI) after investing nearly 1 billion euros (0.90 billion pounds) in the Italian bank's subordinated debt, an Italian daily reported.
La Repubblica newspaper on Wednesday quoted sources close to London-based Attestor as saying the fund had decided to become a shareholder in Monte dei Paschi through the debt conversion, after Italy's third-largest bank on Tuesday unveiled its latest rescue plan.
Under new Chief Executive Marco Morelli, Monte dei Paschi plans to raise 5 billion euros in capital by the end of the year, launching first a debt-to-equity swap over 5 billion euros of subordinated bonds it has outstanding and then a share issue.
It was not possible to reach Attestor or Monte dei Paschi for comment.
(Reporting by Valentina Za; Editing by David Holmes)
