Wind Telecomunicazioni, one of Italy’s largest mobile telecoms companies, has been in talks with lenders about restructuring some of its debt in a bid to push out upcoming debt repayments and pay €500m to its parent Weather Investments, which is controlled by Naguib Sawiris, the Egyptian entrepreneur.”

On Thursday the business approached its lenders to seek permission to amend the terms of its credit agreements so it could raise money to pay back a €2bn loan due for repayment in 2011 and to pay a dividend to its shareholder.