Parmalat files for bankruptcy

Published: 25 December 2003 y., Thursday
Italy's embattled food maker Parmalat has filed for bankruptcy protection. As one of Europe's biggest corporate scandals deepened, the company's former chairman Calisto Tanzi and his son left the country. Judicial sources rebuffed speculation they had fled prosecutors. Parmalat's rescue managers will take advantage of an emergency government decree, which introduces fast-track protection from creditors. The company's simmering crisis boiled over last week when a four billion euro hole was uncovered in the finances of one of the group's units. The multinational's shortfall is now estimated at at least seven billion euros. All eyes are now on new boss Enrico Bondi. He will be given extra powers by a government decree to come up with a restructuring and recovery plan within 180 days. That is likely to involve selling assets to save core operations. The scandal has put the the spotlight on Parmalat's partners, including some of the world's best-known banks and auditing firms.
Šaltinis: euronews.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Financial services: Commission adopts additional legislative proposals to strengthen financial supervision in Europe

The European Commission has adopted additional legislative proposals today to further strengthen financial supervision in Europe. more »

Dealing with derivatives

The EU has announced plans to regulate the market for derivatives – complex financial products that helped trigger the financial crisis. more »

Milk price crisis: Parliament gives go ahead to new measures

New proposals to help EU farmers through the milk price crisis were backed by Parliament on Thursday. more »

JEREMIE & JESSICA: Innovative financial instruments help regions and cities to overcome their investment needs

The European Commission and the European Investment Bank (EIB) Group are organising a conference in Brussels on 22 and 23 October to further promote two initiatives designed to increase the use of financial engineering instruments in the framework of cohesion policy. more »

Construction of Finnfoam’s thermal insulation production plant started

The biggest thermal insulation production manufacturer in Finland “Finnfoam” has started the construction of a thermal insulation production plant in Kaunas FEZ. more »

EIB supports Hungary with EUR 350 million

The European Investment Bank (EIB) is providing two loans in Hungary. more »

European Commission, International Financial Institutions and EU Member States agree Western Balkans Investment Framework

Key Western Balkan projects to benefit from new funding EU, IFI financing to focus on infrastructure, SMEs and energy efficiency. more »

Lithuania, Belarus and China will develop East-West transport corridor

Lithuania, Belarus and China will cooperate in the development of the initiative of the East-West transport corridor. more »

Bank SNORAS will provide preferential credits to farmers and agricultural companies

On October this year AB Bank SNORAS will provide preferential UAB “Guarantee Fund of Agricultural Loans ” purpose loans to farmers and companies, which scope of activity is economic activity and processing of agricultural production. more »

Car workers in Austria to get help from EU Globalisation Fund

The European Commission has today approved an application from Austria for assistance under the European Globalisation Adjustment Fund (EGF). more »