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Article: Advisers Descend On Parmalat: If it's to avoid the fate of other European defaulters, it needs help.
- Article from:
- Investment Dealers' Digest
- Article date:
- January 5, 2004
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As Parmalat Finanziaria SpA succumbed to bankruptcy, speculation mounted as to if-and how-the company can keep operating until the full extent of its accounting shortfall can be established. When the black hole in its accounts first came to light, Parmalat had some E550 million of debt coming due in a matter of weeks. It managed to pay out on a E150 million bond that matured on Dec. 18, but the group will need some serious help, not to mention Solomonic guidance from its advisers, if it is to avoid the miserable fate of the European defaulters that have gone before it.
Parmalat's is the first major corporate scandal to erupt in the European market. At E13 billion ...