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
The EU should act in a united fashion to tackle the financial market crisis, and Member States should avoid unilateral steps which cause problems for their neighbours, according to most of the MEPs taking part in the debate on next week's EU summit and the financial turmoil.
more »
Following the decision by the Economic and Financial Affairs Council (ECOFIN), the Government of Lithuania raises deposit guarantee protection for individuals from EUR 22,000 up to EUR100,000, demonstrating the credibility of Lithuanian finance sector and safety of deposits at financial institutions.
more »
As banks tumble like bowling pins and confidence plummets, Thursday sees MEPs consider whether to back wider financial regulation.
more »
On 6 October, the Embassy of Latvia to Lithuania received a reply to the note of Latvian Ministry of Foreign Affairs regarding the ruling of Vilnius District Court pertaining to the Latvian company airBaltic and Riga’s airport on the basis of the request of the Lithuanian company flyLAL.
more »
Lithianian Development Agency in cooperation with the Lithuanian Embassy to the United Kingdom of Great Britain and Northern Ireland as well as Alro Group, a real estate investment consultant, based in London, present “The Lithuanian Economic Forum” which will take place on October 8 in London.
more »
Italian Prime Minister Silvio Berlusconi thinks that the closedown of Ignalina NPP might be postponed and affirmed this opinion to Lithuanian Prime Minister Gediminas Kirkilas who is presently on a working visit to Rome.
more »
Open Collaboration Portfolio Integrates Cisco Unified Communications, Cisco TelePresence and Cisco WebEx.
more »
Wincor Nixdorf's portfolio of software solutions for the branch business of postal services providers, PC/E Postal Solution Suite, has been newly structured and expanded to include additional functionalities.
more »
Session to Focus on How Enterprises Can Proactively Reduce Risk.
more »
The revised GDP growth rate in II quarter 2008 equalled 5.2 per cent.
more »