Enrico Bondi, the turnaround expert in charge of bankrupt Italian food group Parmalat, is reported to be working on plans to separate the group’s core food activities from the rest of the company.

According to German media, Bondi is working with investment banks Lazard and Mediobanca on a plan that would put the industrial operations together in a separate and new company, reported Reuters.

The newspaper report claims that Parmalat’s creditor banks would be put in control of the new company, while Parmalat’s financial subsidiaries would be brought to a close.