Insolvent Italian food group Cirio has said it has lost control of its Brazilian household goods unit Bombril and its Del Monte brand is also under threat.

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Cirio, which was granted insolvency status last month after bondholders rejected a proposal for restructuring.

The company said it could now lose its food brand Del Monte, which had served as collateral on a £20m (US$31.3m) loan by Dutch bank Rabobank to group holding company Cirio Del Monte, reported Reuters.

Rabobank is now making moves to seize the brand, which is unrelated to US food firm Del Monte Foods, in order to collect on its loan, Cirio said.

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