Italian food manufacturer Parmalat has pledged to pay out 50% of its distributor profits over the coming 15 years to shareholders as part of its turnaround plan.
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Parmalat is currently struggling back from a multi-billion euro accounting scandal, and is working hard to keep creditors on side. The latest announcement will doubtless appease some shareholders, who were disappointed with a plan published earlier this month.
Parmalat said in a statement that future dividends would include the possible proceeds of lawsuits the company may file against banks and securities firms which handled its bond sales.
