Italian dairy group Parmalat continues its fight back from
insolvency after emerging victorious yesterday from another set of
legal disputes over responsibility for its financial collapse in
2003.
Parmalat's profit before interest and tax rose 18.4 per cent in the
first two months of 2006 to € 45 million, with predictions that net
debt would remain stable over the year.
Parmalat's chief executive Enrico Bondi has pointed the finger at
the company's creditors, accusing them of having knowledge of the
disgraced dairy giant's finances.
Today's board meeting at Parmalat, the first since Enrico Bondi was
appointed as chief executive last week, will help to determine
which direction the Italian dairy giant goes from here.
Parmalat has sued banks JPMorgan Chase and Unicredito Italiano for
€4.4 billion for their roles in the sale of Parmalat bonds issued
from 1997 through 2001.
Disgraced Italian food giant Parmalat is suing Deutsche Bank for
€17 million, which it claims it was ordered to repay two weeks
before it plunged into bankruptcy.