ITALY: Parmalat to hold meeting with creditors - report
Troubled Italian food group Parmalat has reportedly agreed to hold its first formal meeting with its creditors this week.
Evan Flaschen, a Bingham McCutchen bankruptcy attorney who represents holders of around $6bn in Parmalat bank and bond debt, said the meeting would be held on 26 March, reported Reuters.
Flaschen said he expects the meeting to be attended by representatives of around 30 to 40 creditor groups. Many creditors of Parmalat say they are unhappy about what they say is a lack of consultation about the company's restructuring plan.
The creditors, which include 19 international banks, sent a letter to Parmalat administrator Enrico Bondi saying they planned to hold a meeting at the end of March to discuss the situation, Reuters reported.
Meanwhile, as investigations into the accounting scandal at the food group continue, a former boss of Parmalat's Brazilian unit has been informed by prosecutors that he is under investigation. Parma prosecutors interviewed Gianni Grisendi, president of Parmalat's Brazil unit between 1989 and 2000, last week and then formally told him he was under investigation, reported the Associated Press.
This week Italian prosecutors began a trip to talk to their counterparts in Switzerland, Luxembourg and Liechtenstein and to look at documents related to the Parmalat case.
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