Parmalat prepares for re-listing

Parmalat, the collapsed Italian food group, has asked creditors to vote on a
debt for equity swap which will pave the way for it to be re-listed on the Milan
Stock Exchange, it has been reported.

Parmalat applies for share

The company, which imploded in 2003 after allegations of fraud, is asking its
creditors to vote between June 28 and August 26 on the £12bn deal.

Creditors would receive shares in exchange for their debts, and if approved,
will see the diary giant return to the stock exchange by September or October
this year.

As of the end of March 2005 the company had net debts of 11bn euros and its
new management is also pursuing a number of institutions that dealt with former
Parmalat executives in an attempt to recover billions in transactions.

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