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.
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