Doubts grow over Parmalat's plan to restructure

Doubts grew on Wednesday over whether Parmalat, the Italian food group, will be able to repay its debts and improve its financial profile, despite the appointment of Enrico Bondi, a well-known Italian corporate turnaround expert.

Jens Jantzen, a credit analyst at Bear Stearns in London, said: "We believe the Tanzi family is now trying to buy time by appointing Bondi as a consultant, but we put doubt to the real commitment by the group, which has changed chief financial officer three times in six months."

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