Italian food group Parmalat has said it has failed to recover a US$590m investment in an offshore fund, leading to concerns that the company may not be able to raise enough cash to pay off debts.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The sale of the stake in the Epicurum fund had been expected last week, but Parmalat said the payment had been delayed as the fund faced a cash problem, reported Reuters.
Parmalat has several payments to make in the coming weeks, including €150m (US$183.8m) in bonds due this week, and $400m that it needs to pay to a group of investors that have exercised an option to sell 18% of Parmalat’s Brazilian operations back to the Italian firm.
Meanwhile, Parmalat has hired Deutsche Bank to sell its US bakery business and carry out a strategic review of the group, Reuters reported, citing sources.
The US bakery business includes brands such as Mother’s Cake and Archway cookies, and could raise around €350m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
