Parmalat commissioner launches €137.5 million claw-back action against Morgan Stanley

By Ellen Chang

Houston, Feb. 1 - Enrico Bondi, the extraordinary commissioner for Parmalat Finance Corp. BV and Parmalat SpA has filed a claw-back action in the Court of Parma against Morgan Stanley Ltd. and Morgan Stanley Bank, Parmalat Finanziaria said in a news release.

The move is related to a transaction carried out in October and November 2003 when Parmalat Finance Corp. bought back bonds issued by Parmalat Finance Corp. for €135.7 million.

The court action, in the form of a claw-back under article 67 of Italian bankruptcy law, seeks to revoke the note re-marketing agreement, the cash collateral issued by Parmalat SpA and the relevant payments.

The amount being sought is €135.7 million plus interest.

Parmalat filed for bankruptcy protection on Dec. 24, 2003.

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