Parmalat SpA has deconsolidated one of its subsidiaries in order
to get rid of €36m of leasing debt on its balance sheet.
The dairy company has sold Newlat SpA to Switzerland-based TMT
Finance for €1.
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The deal includes TMT, which is active in agricultural, food,
shipping and retail activities, taking on lease finance debt worth
€36m.
The sale of Newlat was a requirement of Italy’s antitrust
authority going back before the company’s collapse in December 2003
and subsequently reiterated by the authority several times.
Parmalat was re-listed in October 2005 after a financial
restructuring.
Last December, the antitrust authority had threatened a new
probe over the failure to sell Newlat, required to ensure
competition in fresh milk markets in the Lazio and Campania regions
of Italy.
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By GlobalDataParmalat had argued that selling the unit by a deadline last
October would have resulted in a negative sale price.
