Milan judge Pierluigi Perrotti Wednesday postponed Risanamento SpA's (RN.MI) bankruptcy hearing to Sept. 22, giving the beleaguered real estate company more time to work through its EUR2.8 billion debt restructuring.

"The judge decided to ask all the parties involved, as well as Risanamento, to present a new restructuring plan by Sept. 1," Milan prosecutor Laura Pedio said.

Risanamento's board Tuesday approved a restructuring plan that calls for creditor banks to inject about EUR500 million into the firm. The plan also calls for Risanamento founder Luigi Zunino to step down from the board, in order to satisfy prosecutors' requests for a management change at the company.

The drafted rescue plan discussed Wednesday at a the hearing to evaluate Risanamento's bankruptcy doesn't include bondholders, the prosecutor added.

-By Sabrina Cohen and Jennifer Clark, Dow Jones Newswires; 39 02 58 21 99 04; djitaly@dowjones.com
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