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Mon, Dec 29, 2003 - Page 12 News List

Parmalat's Tanzi arrested

THE FALL OF THE PARMESAN EMPIRE Authorities decided to detain the former head of the dairy and food products giant on suspicion of fraudulent bankruptcy


Bondi is keen to keep Parmalat, one of the world's biggest producers of long-life milk and number three US cookie maker, afloat. He has six months to present a restructuring plan that sources said will take into account all creditors' interests.

If that plan is rejected by the government, the company would be allowed to collapse and its assets would be sold off.

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