Parmalat S.p.A. said today (22 June) that the US Federal Bankruptcy Court in New York has ruled in favour of the company’s request for a permanent bankruptcy protection.
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The ruling rejects the objections of Bank of America and certain other parties.
Parmalat, Italy’s largest food group, filed for bankruptcy protection in the New York court in 2004 after the group collapsed at the end of 2003.
Earlier this month,Parmalat settled claims related to its 2003 collapse with three banks for EUR72m (US$96.5m). The banks – Banca Monte Parma, ING and Merrill Lynch – had agreed to pay a total of EUR72m. The settlements brought to a close only some of the lawsuits linked to its 2003 collapse.
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