Parmalat starts action for damages against Bank of America

New York, Oct. 7 - Parmalat Finanziaria SpA said it has begun legal action to recover damages from Bank of America.

The action was filed Thursday in the U.S. District Court for the Western District of North Carolina.

Parmalat said the move was part of its effort to seek recovery from third parties it claims "played a central role in Parmalat's collapse."

Separately Parmalat said Parmalat Africa Ltd. and Parmalat South Africa (Pty) Ltd. refinanced their debt with Bank of America via a major international bank located within South Africa.

The Milan, Italy-based food company also said that it expects to finalize a $26 million capital increase for Parmalat South Africa (Pty) Ltd.

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