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Article: Parmalat presents plan to restructure
- Article from:
- International Herald Tribune
- Article date:
- March 17, 2004
- Author:
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Eric Sylvers
International Herald Tribune
03-17-2004
The Italian food conglomerate Parmalat disclosed plans on Tuesday to overcome its financial crisis by transforming itself into a slimmed down dairy and fruit-juice maker and by carrying out a debt-for-equity swap that would eliminate most of the company's 14.8 billion debt burden.Negotiations have already begun for the sale of assets, including some in the United States, Parmalat said in the outline of a restructuring plan that was presented to the Italian Industry Ministry.The company's government-appointed administrator, Enrico Bondi, will present a definitive plan by the end of June after consulting with creditors and unions. ...