Italy's embattled food maker Parmalat has filed for bankruptcy protection
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.
The most popular articles
In January 2009, the EBRD commissioned two Italian consultants to study Turkey's sustainable energy market in preparation for future investments.
more »
Next week a delegation of more than 50 Chinese businessmen, accompanying the Chinese Vice-Premier Hui Liangyu, are arriving to Lithuania.
more »
The German developer “ECE” together with Lithuanian partners opened a new shopping and entertainment centre Ozas Gallery in Vilnius.
more »
As it embarked on an ambitious stimulus spending, Thailand turned to the World Bank for advice on how to fast track the spending coupled with proper management controls to keep programs on the rails.
more »
Peter Reiniger Business Group Director for Central Europe and the Western Balkans from the European Bank for Reconstruction and Development visited Latvia to sign subordinated loan agreement with Parex banka.
more »
On Monday AB DnB NORD Bankas started placement of a 13-month fixed-rate Lithuanian government bonds. It is the first time when Lithuanian sovereign USD denominated securities will be available on Lithuania’s retail market.
more »
The Swedish business daily Dagens Industry published an interview with Andrius Kubilius, the Prime Minister of Lithuania, to Bloomberg News.
more »
The economic crisis still has a firm grip on large parts of the world. But Sweden’s Minister for Trade Ewa Björling can see bright spots.
more »
The European Bank for Reconstruction and Development and KfW Entwicklungsbank (The German development bank) are providing a financing programme worth up to €28.9 million to MegaBank - one of the strongest regional banks in the eastern Ukraine.
more »
A settlement in an international tax dispute that strained U.S. ties with Switzerland.
more »