Parmalat aims for profits in 2005
Scandal-hit Italian dairy giant Parmalat has delivered its rescue plan to the Italian government, with proposals to return to profitability by 2005.
Link: Parmalat special report
The plan was given to industry minister Antonio Marzano, the BBC reported, although no details have been provided of how the company will tackle its €14bn debt, the result of a massive fraud hidden its accounts.
Among the proposals, Marzano said creditors would be repaid by being issued shares in a new company to be set up by Parmalat administrator, Enrico Bondi.
Only some creditors are set to be repaid in full, including suppliers and investors who lent money to the company after it went into administration in January.
Former executives, auditors and bankers are awaiting trial over the company’s spectacular collapse.