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Dairy Bankruptcy

This is a settlement for the Bankruptcy lawsuit.

Rome, Italy: (Feb-07-08) Parmalat SpA, the dairy company that collapsed four years ago in Italy's largest bankruptcy case, brought charges against Intesa Sanpaolo SpA, the second-largest Italian bank, alleging that the domestic lender played a part in the company's bankruptcy. Sources close to the case revealed that the parties had come to a memorandum of understanding and had reached a settlement, ending litigation.

Under the terms of the deal, Parmalat officials claimed the company received a 310 million-euro payout from Intesa Sanpaolo SpA. They stated that the settlement raised the prospect of more agreements with domestic lenders. The settlement also attributed to an annual profit rise of 5.6%. Parmalat, which returned to the stock market in 2005 after a two-year reorganization under Chief Executive Officer Enrico Bondi, is recouping funds by suing banks and auditors that allegedly contributed to its collapse. The company is also introducing dairy products that bolster the immune and digestive systems. [BLOOMBERG: PARMALAT BANKRUPTCY]


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Published on Feb-8-08


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