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

Parex banka to expand relationship with American Express

Nils Melngailis, the Chairman of Parex banka, and Alex M Furber, American Express Vice President in Central and Eastern Europe, agreed to explore further options for co-operation. more »

Taiwan in 2.5bn dollar spree

Every one of the Taiwan's 23 million population has been given a voucher worth the equivalent of just over 100 U.S.dollars. more »

EU economy hit hard by global downturn

Commission cuts economic growth forecast as scale of financial crisis and ensuing global downturn become apparent. more »

After solid first quarter: Wincor Nixdorf reaffirms outlook, but attunes to economic crisis

Wincor Nixdorf AG completed the first quarter of the current fiscal year with 7 percent growth in net sales and an 8 percent increase in operating profit (EBITA). more »

Messy bedroom marketing

New homes go up in the UK's eastern county of Norfolk. There is also the unusual take on selling new homes. more »

Motorola Provides Preliminary Fourth-Quarter 2008 Results

Announces approximately 4,000 additional workforce reductions, primarily in the Mobile Devices business. Total cost savings from recent actions now expected to be approximately $1.5 billion in 2009. more »

MasterCard makes global, domestic organizational changes

MasterCard announces organizational changes. more »

Eurobarometer poll shows economic fears ahead of June European elections

Economic volatility , rising prices and a general pessimism about what the future holds were all opinions voiced in a recent “Eurobarometer” European survey. more »

Banking sales improve at Wincor Nixdorf, despite global economic downturn

Wincor Nixdorf AG says it exceeded its profit goals for fiscal year 2007/2008, which ended Sept. 30, despite a battered global economy and a slight drop in retail sales. more »

Aussie shoppers forget crisis

Across the country Australians are expected to spend over 10 billion U.S. dollars in post-Christmas sales. more »