Parmalat last week narrowly avoided defaulting on a €150 million euro bond, missing the initial payment data. But fears remain that it will not be able to pay back the outstanding €7 billion of bonds.
And Parmalat added to concerns today when it revealed a €4 billion hole in its accounts, created when a document detailing offshore investments was declared to be false by Bank of America.
Credit default swaps for Parmalat were today bid at 64%.
The week on Risk.net, July 7-13, 2018Receive this by email