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."