Insolvent Italian dairy company Parmalat Finanziaria has decided not to sell the main activities of U.S. dairy operation Farmland Dairies and it is looking for a new chief executive for the company.
MILAN, Italy-Insolvent Italian dairy company Parmalat Finanziaria has decided not to sell the main activities of U.S. dairy operation Farmland Dairies and it is looking for a new chief executive for the company. Parmalat has also proposed placing debt and assets in a new company that could be partly owned by creditors.
The new entity is part of a proposed deal with creditors to be issued by state-appointed insolvency commissioner Enrico Bondi in the coming weeks.