Parmalat flirts with default on debt burden

news

Italian food conglomerate Parmalat came within hours of defaulting on its €4.5 billion of corporate debt in December, its worst financial crisis ever. The firm suffered a mysterious liquidity crunch: despite reporting €4.2 billion of cash and liquid assets in November, Parmalat was unable to repay a €150 million bond that matured on December 8.

Investors watched open-mouthed as Parmalat scrambled to obtain an emergency tax rebate from the Italian government in order to cover the debt

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: