ITALY: Parmalat aims to produce restructuring plan by end of January
Troubled Italian food group Parmalat has said that its newly appointed turnaround expert, Enrico Bondi, aims to produce a restructuring plan for the company by the end of January.
The company also said it was in advanced talks with offshore investment fund Epicurum aimed at finding a way of liquidating Parmalat's US$590m investment in the fund, reported Reuters.
The sale of the stake in the fund had been expected last week, but the delayed payment has led to fears that the company may not be able to raise enough cash to pay off debts.
Parmalat was due to pay a €150m (US$182.3m) bond on Monday but has set a new deadline of 15 December for payment of the bond.
In what has been a turbulent week for the company, chief financial officer Luciano Del Soldato resigned from his position this week after less than a month in the job.
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