Brussels, 05/01/2004 (Agence Europe) - The European Commission will closely examine the Italian rescue package for Parmalat once it receives notification of the Italian government's planned legislation in January. The Commission will 'rapidly' examine the package, commented spokesperson Tilman Lueder.
Following the scandal and the collapse of the Italian agri-food giant and the revelation of fraudulent practices by Parmalat's top managers, Italy launched a rescue package on 23 December in the form of a draft law with new measures for companies facing bankruptcy. The measures will apply to companies with a workforce of at least 1000 and debts of at least EUR 1 billion with the aim of saving jobs rather than shareholders or managers, stressed Italian industry minister Antonio Marzano.
Marzano held a telephone conversation on 1 January with Commissioner Mario Monti to discuss the collapse of Parmalat. The Commission will be investigating whether the Italian law constitutes disguised state aid for Parmalat or whether it is neutral in terms of the budget. Lueder said the vital question was to determine whether it is a general reform of bankruptcy law or a special measure to benefit one company.