The RCS MediaGroup Board of Directors have approved the terms of a capitalization round and a debt refinancing plan required for its rehabilitation. The Italian media conglomerate is currently in transition.

The transition for the publisher of the Italian newspaper Il Corriere della Sera includes offering digital issues as well as transitioning from its loss ridden record in the past three years.

Last Sunday, the group reported a net loss of Eur509.3 million in 2012 and is seeking shareholder support for infusions of up to Eu600 million or US$786 million by 2015. With a shareholder roster of amongst the most renowned financial and industrial names in Italy, it would be no issue to have the first tranche of Eur400 million be ready by July of 2013.

Its controlling shareholders group consists of Mediobanca, the investment bank, Fiat the carmaker, Pirelli the tiremaker, Intest Sanpaolo the retail bank and Generali the insurer.