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
EBRD and Latvia has signed Share Purchase Agreements providing that following the increase of equity capital the EBRD will purchase 57,506,825 ordinary shares comprising 25% and 1 share of the Bank's equity capital.
more »
This dreamy scene of money raining down on Wall Street amid a deep recession has given a street artist a big break. Peter Zonis now exhibits his works in the lobby of an office building in New York's midtown Manhattan.
more »
During the draw another five winners of the Danske Bankas monthly Scholarship award were announced.
more »
Within January - March this year, the turnover on the accounts of AB Bank SNORAS payment cards increased by LTL 202 million or 18 per cent and on 31 March this year reached LTL 1.3 billion.
more »
Fitch Ratings affirmed AB DnB NORD Bankas short term borrowing rating F1, individual rating “C/D” and the support rating “1”.
more »
Taking into account changes on international and domestic money markets AB DnB NORD Bankas has changed individual and corporate customers time deposit rates.
more »
The G-20's response to the world food and financial crisis, and efforts to make ACP-EU economic partnership agreements flexible enough to meet development needs, took centre stage at the 17th session of the ACP-EU Joint Parliamentary Assembly in Prague from 4 to 9 April.
more »
European aviation will be governed by more efficient rules, leading to shorter flights, fewer delays and reduced fuel consumption, thanks to the adoption today by the European Parliament of the “Single European Sky II” legislation.
more »
Late payment for work performed, a perennial problem in Europe, is now hampering recovery from recession.
more »
On 8th April 2009 International Rating Agency Fitch Ratings has changed Bank SNORAS Long-Term Issuer Default Rating to ‘B+'.
more »