Brussels, 28/01/2004 (Agence Europe) - On Wednesday, Mario Monti informed the College of Commissioners on the state of progress of discussions that he is currently conducting with Italian Minister Marzano on the Decree No347 adopted on 23 December last by the Italian government further to the Parmalat scandal. In his view, the regulatory changes that the Italian authorities plan to introduce in legislation on bankruptcies do not cause problems from the strict point of view of European rules governing State aid. Commissioner Monti, however, reminds the Italian government that any decision to give banking guarantees or other measures to companies in order to provide a framework for restructuring remains subject to prior notification to the relevant European authorities, which should enact on their legality. The European Commission recalls in a press release that Decree 347 must be converted into a law within sixty days and that it will amend the rules currently in force for corporate management. This "extraordinary administration" procedure introduces new management rules for companies that have undergone bankruptcy and which employ over 1000 and whose debt exceeds one billion euros. The procedure mainly provides for adoption of emergency measures for implementation of a restructuring plan and gives the "extraordinary administrator" extended powers in order to successfully conclude the plan and safeguard jobs threatened.