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February 24, 2004

ITALY/USA: Parmalat USA files for Chapter 11 bankruptcy protection

Parmalat USA, a unit of troubled Italian dairy giant Parmalat, has filed for Chapter 11 bankruptcy protection, along with two other US affiliates.

Parmalat USA, a unit of troubled Italian dairy giant Parmalat, has filed for Chapter 11 bankruptcy protection, along with two other US affiliates.

According to court filings, Parmalat USA, Farmland Dairies and Milk Products of Alabama filed for bankruptcy at the US bankruptcy court for the southern district of New York, reported Reuters.

The filings are believed to be part of Parmalat administrator Enrico Bondi’s plans to keep the assets protected, a source told Reuters.

The source said that financing for the US business had been arranged and that the decision to file for bankruptcy protection would not prevent the possibility of Parmalat’s US assets being sold in the future.

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