Link: Parmalat special report
The filing was made as US inspectors from the Securities & Exchange Commission arrived in Italy to focus on the work done by US banks for Parmalat.
Parmalat’s collapse in December was triggered after fake documentation was found showing a subsidiary held €4bn in an account at Bank of America – this hole has since grown to €14.5bn.
The US filing is believed to have been made following pressure from GE Capital, who has agreed to provide a $35m loan to Parmalat USA and will make it easier for Parmalat’s government appointed administrator Enrico Bondi to keep control of the US assets while weighing up the options for Parmalat’s various businesses, the FT reported.
PwC secured the sale of Parmalat UK last week to rival dairy group, Dale Farm, a Northern Ireland based dairy processor.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies