Beleaguered Italian food group Parmalat has regained partial control of its main Brazilian unit as it was allowed to reinstate its own management at the subsidiary.
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A judge ruled that management could be reinstated at Parmalat Brasil Industria de Alimentos but also that the unit would have to be co-managed by a court-appointed administrator, reported Reuters.
The unit must also obtain court permission to sell any assets or transfer funds to its Italian parent, the judge said.
Parmalat Brasil was placed under court control in February and its top directors, including CEO Ricardo Goncalves, were removed from the company.
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