Risanamento SpA said its board agreed on a debt-restructuring plan that will allow it to get a €150m cash injection, as the Italian property developer seeks to avoid bankruptcy.

Risanamento will restructure €350 million of debt into a convertible bond maturing in 2014, the company said in an e-mailed statement today. It will present its plan to a bankruptcy court on July 29.

The board also named Vincenzo Mariconda as chairman, according to the statement. It may appoint Luigi Roth, current chairman of Terna Rete Elettrica Nationale SpA and of Fiera Milano SpA’s foundation, as its new chief executive officer, Corriere della Sera reported, without saying where it got the information.