BusinessBusiness RecoveryParmalat fallout claims Italian Serie A team

Parmalat fallout claims Italian Serie A team

The fallout from collapsed dairy company, Parmalat, continues after an Italian court declared Serie A outfit, Parma, insolvent.

Link: The Parmalat Scandal

The football club is the 28th company in the group to seek the protection of the Italian courts, but will now be able to continue to operate free from the threat of creditors’ action.

The club applied for insolvency status to the Civil Court of Parma on 21 April. The application was accepted just two days later.

The club was reportedly struggling with debts of €310m (£207m).

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