BusinessBusiness RecoveryParmalat aims for profits in 2005

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.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor