Sixty Group has confirmed to Sportswear International that they have started an agreement regarding creditors procedure, which can help a suffering company find an agreement with creditors in an attempt to avoid bankruptcy.

No further official details were provided by the company, but according to Italian press, the agreement will prolong the redundancy pay for the company's 414 employees through September 19, 2013. The announcement was given by Pietro Bongiovanni, CEO of Sixty Group, after meeting the Italian Minister of Economic Development together with the local unions' representatives, local authorities and two law representatives from the company's owner Crescent Hyde Park. In the next 120 days all of the agreement’s detailed terms will be decided.
The situation remains foggy according to union representatives because of the possibility that the pan-Asian fund could start producing brands outside of Italy on January 1. In addition, there have been no clarifications as of yet as to Sixty’s new ownership, industrial plan or what kind of job guarantees they plan to provide in the Chieti area. Finally, Crescent Hyde Park also still needs to clarify whether or not they asked for this special procedure with the aim of healing Sixty's debt and relaunching the company.