Parmalat rescue plan

ITALY – Troubled Parmalat has said that a rescue plan drawn up by the company has been validated.

The guidelines for the restructuring plan are designed to ease the process of paying Parmalat’s its creditors by grouping its assets and liabilities with those of subsidiaries into on new company.

A statement said that, under the plan, shares would be used as payment for creditors. It is in line with previous reports saying that the company would swap debt for equity. Enrico Bondi aimed to submit the plan to Italy’s minister for industry by the end of May.

Parmalat has also released financial result for the year to 30 April. The release said that the company’s core activities, which include around 30 brands, “generally held up” against the previous year, at