BusinessCompany NewsDeloitte’s Parmalat deal goes to bond holders

Deloitte's Parmalat deal goes to bond holders

Deloitte & Toche's $US47bn settlement with Parmalat to be proposed to 32,000 bond holders

The ?76m settlement between
Parmalat‘s former
auditor
Deloitte
& Touche
, which has been agreed with the Committee for Parmalat bond
clients of San Paolo IMI, will now be proposed to the 32,000 Parmalat
bondholders whom the committee represents.

The bonds were issued by the Parmalat company which collapsed in December

2003 and subsequently was financially restructured. The Deloitte proposed
settlement is also made on behalf of Dianthus SpA, a company operating in Italy
until July 2003 under the Deloitte & Touche name, Forbes magazine
reports.

Deloitte said the terms of the proposal agreed with the bond holder committee
were similar to those made with 2000 Parmalat bondholders represented by the
Federconsumatori consumer group.

Deloitte said the proposal offers bondholders a payment of up to 6% of the
nominal value of bond investments made before November 11, 2003, and an average
of 4.5% to 5% for up to €50,000 bonds.

Further reading:

Four major banks face trial in Parmalat case

Grant Thornton faces ?5bn claim from Parmalat

Read
the store in Forbes magazine

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