Troubled Italian food manufacturer Parmalat yesterday [Tuesday] filed for US bankruptcy protection.
The company asked a US bankruptcy judge to issue an injunction that would prevent creditors from seizing its assets in the US, reported Reuters. Parmalat is trying to restructure its worldwide portfolio after an accounting scandal emerged last year.
The company has already filed for insolvency in Italy, and its US dairy divisions earlier this year filed for Chapter 11 bankruptcy protection.
Earlier this week Parmalat submitted its turnaround plan to the Italian government. The plan by government-appointed administrator Enrico Bondi is believed to target reduced losses in 2004 and a return to profitability in 2005 and 2006 once the plan is operative, reported Reuters.