The government of Italy has given the go-ahead to the proposal by beleaguered food manufacturer Parmalat that it swap much of its debt for shares.


The approval from Industry Minister Antonio Marzano came after meetings yesterday [Tuesday] with labour unions and Enrico Bondi, Parmalat’s government-appointed administrator. Marzano still has the option of asking for small changes in the debt-for-shares proposal, reported AFX.


Creditors must now approve the plan. Should they reject it, Parmalat my be forced out of business.


Parmalat unveiled its turnaround plan earlier this month. You can read more details by clicking here.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.