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Parmalat files for bankruptcy

Shareholders of Parmalat Hungaria Rt on Saturday ordered the Board of the company to initiate a bankruptcy procedure.

After the decision, the shareholder meeting was adjourned to March 1.

Chief Executive Christiano Villani said by filing for liquidation the firm wanted to gain time to draft a survival plan.

Parmalat Hungaria is majority held by the troubled Italian dairy firm Parmalat S.p.A.

(BBJ 02.ii.04)

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