Parmalat commissioner launches more claw-back actions against factoring companies, banks

By Ellen Chang

Houston, March 9 - Enrico Bondi, the extraordinary commissioner for Parmalat Finance Corp. BV and Parmalat SpA, has filed claw-back actions against additional factoring companies and banking institutions.

The latest actions are against lenders that were not involved in the claw-back actions announced on Aug. 6, Aug. 9, Aug. 19 and Dec. 16, Parmalat Finanziaria Spa said in a news release.

In February, Bondi filed a claw-back action in the Court of Parma against Morgan Stanley Ltd. and Morgan Stanley Bank.

That move was 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.

In December, Parmalat Finanziaria SpA said it launched clawback actions against 45 financial institutions in a bid to recover as much money as possible for its creditors.

The Italian dairy products company is already suing Citibank, CSFB International, UBS and Deutsche Bank to recover money for its creditors.

Parmalat filed for bankruptcy on Dec. 24, 2003.

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