Parmalat SpA has reached a settlement with BNL and Ifitalia regarding revocatory and damages actions filed by the company.
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BNL, also acting on behalf of Ifitalia, has agreed to pay Parmalat EUR103m in settlement of revocatory actions and EUR9m in settlement of damages claims.
In addition, BNL and Ifitalia have agreed to forego the right to file claims with the bankruptcy court in Parmalat’s bankruptcy case for a value equivalent to the EUR103m returned to the company in the revocatory settlement. Ifitalia has also renounced objections previously raised in relation to Parmalat’s list of creditors.
Following the settlement, Parmalat, BNL and Ifitalia has withdrawn all pending actions against one another.
“BNL, Ifitalia and Parmalat express their satisfaction at the settlement which will set in place the conditions for a fruitful future relationship,” the companies said in a joint statement.
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