Troubled Italian food group Parmalat has avoided defaulting on a €150m (US$183.1m) bond after it received bank and government help.
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The bond had initially been due last Monday, but the company secured a one-week delay after failing to recover an investment.
Italy’s Economy Ministry is believed to have approved an accelerated tax refund to the company, while banks loaned €25m to Parmalat to enable it to make the payment before the weekend, Reuters reported, citing sources.
Meanwhile, Calisto Tanzi, chairman and chief executive of the financially troubled company, is reported to be under pressure to resign or hand over his authority to Enrico Bondi, the turnaround specialist hired by Parmalat last week.
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