BusinessCompany NewsForeign banks added to Parmalat creditors’ list

Foreign banks added to Parmalat creditors' list

The judge investigating the collapse of the Italian firm Parmalat has included many of the company's foreign banks on the creditors' list.

Link: Italian public companies under spotlight

UBS, Citigroup, Credit Suisse First Boston, Bank of America and Deutsche Bank were all included on the list published by the court at the end of last week.

According to the list, Bank of America is a creditor for EUR122.5 million, Citigroup for EUR81.3 million, UBS for EUR35.3 million, Credit Suisse First Boston for EUR274.6 million, Deutsche Bank for EUR93 million, and Morgan Stanley Capital Group for EUR35.5 million.

The total claim from the banks and other creditors totals some four billion euros.

The move overturns a recommendation earlier in the year by an Italian-government-appointed bankruptcy commissioner that the claims of the banks should be dismissed.

Parmalat was declared insolvent in late 2003 with some EUR14 billion of debt.

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