Parmalat reorganization plan gets Italian government approval

By Jeff Pines

Washington, July 26 - Parmalat Finanziaria SpA's reorganization plan received approval on Friday from the Italian ministers for production activities and agriculture and forestry policy, the company.

The extraordinary commissioner, Enrico Bondi, assigned to the company has made some changes to the original plan.

The modified agreement calls for the granting of a warrant for each share allocated to a creditor to be for 650 shares instead of 500 shares.

A 60-day period will follow in which the judge and the extraordinary commissioner will create definitive lists of accepted claims. The judge will also create criteria for financial instrument holders to vote.

The company plans to post its final plan on its website, www.parmalat.com, as soon as possible.

Parmalat filed for bankruptcy on Dec. 24, 2003.

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