A court hearing of a request from bondholders of pasta sauce maker Cirio Finanziaria that the company be declared bankrupt is to take place on 11 June.

A group of bondholders has asked a Rome court to declare the company bankrupt, but Cirio instead has proposed a debt-to-equity swap that would result in most bondholders losing most of their money. Cirio bondholders are due to meet to approve the swap plan in mid-July.

Under the terms of the swap plan, bondholders will be given the chance to swap their bonds for newly issued shares, reported Dow Jones International News.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now