Troubled Italian food group Parmalat has said its German units Deutsche Parmalat and Parmalat Molkerei have been placed under bankruptcy protection from creditors.
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The units have now also been placed under the administration of Enrico Bondi, the Italian turnaround specialist appointed by a court to run the Italian dairy giant, reported Dow Jones International News.
Parmalat’s many international units have been struggling to survive after a massive accounting scandal at their Italian parent was revealed late last year. In a bid to turn the company around, Bondi has announced plans to sell many of the company’s non-core assets.
