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.
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
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.
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