Banks Win Parmalat Credit Tussle
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Several big international banks have won a legal bid for recognition of billions of euros owed to them by Parmalat, putting them in line
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The bankrupt Italian food group Parmalat said its special administrator, Enico Bondi, has filed a US lawsuit against Bank of America reportedly claiming 10 billion dollars in damages and interest.
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Italian dairy giant Parmalat SPA owes nearly &#36;26 billion to creditors including many big international banks, a judge ruled Friday in a decision that will affect who will become a shareholder in the reorganized company.
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Citigroup said it launched a legal challenge against Italian authorities responsible for Parmalat&#39;s restructuring, alleging they failed to ensure a fair process for
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The move will represent a significant stepping up of efforts by Enrico Bondi, the administrator, to target financial institutions that he believes helped prolong fraud at Parmalat by helping the company with ...
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Top executives and legal representatives from Parmalat and a swathe of leading financial institutions associated with Europe's biggest financial scandal went before a judge at a preliminary hearing into massive fraud allegations.
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Citigroup Inc., the biggest creditor of Parmalat Finanziaria SpA, sued Italy for its handling of the foodmaker&#39;s bankruptcy, saying the restructuring violated its rights as a lender owed almost 540 million euros ($665 million).
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Parmalat, the food group at the centre of one of Europe's most painful scandals, reports a surge in profits.
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Banca Intesa Sanpaolo Group said on Saturday it agreed to pay 327 million euros ($469.9 million) to settle a lawsuit brought by Parmalat over the Italian dairy company's 2003 collapse.
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Citigroup sued Italy on Friday, claiming that the government appointee who runs the bankrupt Parmalat would unfairly pay only 2 million euros of Citigroup's claim of a 538 million euro debt.
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Parmalat, the bankrupt Italian dairy concern, sued its two former auditing firms for $10 billion in state court in Chicago on Wednesday, saying they should have detected the massive fraud that caused Parmalat to go under.
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Citigroup (CN: Quote, Profile, Research) on Friday launched a legal challenge against a restructuring plan drawn up by Parmalat, hitting back after the bankrupt food group took the world&#39;s biggest bank to court recently.
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17/12/2004 - Enrico Bondi, the governmentâappointed special administrator of bankrupt Italian dairy group Parmalat, is set to sue a number of Italian financial groups in an attempt to stifle mounting criticism that he has given preferential treatment to
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Bank of America and audit firm Grant Thornton take legal action against insolvent Italian food group Parmalat.
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Citigroup launched a legal challenge  against Parmalat's restructuring plan on Friday, hitting back  after the insolvent food group rejected its claims for credit  repayment and sued the bank for damages.
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An Italian judge has included some of Parmalat&#39;s debts owed to banks on an official list of creditors but excluded some others, court documents showed on Friday.
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Mr Bondi's decision comes as banks enter the last hectic stretch of negotiations before a judge in Parma decides next week whether the banks' or Mr Bondi's views on creditor claims should prevail.