Troubled dairy giant Parmalat has revealed its rescue plan, which aims to streamline creditor reimbursement by grouping its assets and liabilities with those of its subsidiaries into a single company.

The company, which is struggling to survive a massive financial scandal, said shares in the new company could be offered to creditors, reported Reuters.

Parmalat also said this week that Farmland Dairies, a US unit of the company, will not now be sold as had been originally planned but will be restructured instead.

Last week Parmalat was rumoured to be considering keeping its US operations because bids to takeover the units had been lower than expected.

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