MILAN, Feb 17 (Reuters) - The chairman of Italy's Mariella Burani Fashion Group (MBFG.MI) has resigned, the company said on Wednesday 17 February, as the fashion group seeks protection from its creditors.

Mariella Burani spring-summer 2010 in Milan - Photo: Pixel Formula

"The board ... acknowledges the resignation handed in by Walter Burani from the position of Chairman of the board ... with immediate effect," the company said in a statement.

The luxury goods maker, which has debt of nearly 500 million euros ($686.5 million), is seeking protection from creditors after it failed to get funds to cover nearly 71 million euros in losses.

Mariella Burani Fashion Group's creditors will likely become shareholders in the debt-laden Italian company as it seeks bankruptcy protection, its chief executive, Gabriele Fontanesi, said in a newspaper interview on Tuesday 16 February.

Its creditor banks include Intesa Sanpaolo (ISP.MI) and Unicredit (CRDI.MI), Fontanesi has previously told Reuters. (Reporting by Stephen Jewkes; Editing by Gary Hill) ($1=.7283 Euro)