Parmalat Finalizes the Sale of Newlat S.p.A.
With this transaction Parmalat S.p.A. will deconsolidate a total of approximately €36 million in debt and amounts payable under leases, based on the situation as at 31 March 2008.
30/05/08 Following the signing of sale contract on April 18, 2008 and approval of the transaction by the Italian antitrust authorities on May 27, 2008, Parmalat S.p.A. hereby gives notice that the sale of 100% of Newlat S.p.A. to TMT Finance SA has been completed.
The disposal took place for a token consideration of €1 in return for Parmalat transferring an €8 million receivable from Newlat to the buyer, again for a token value of €1.
Inter-company accounts worth approximately €4.6 million were repaid prior to today’s date, generating cash flow for the Parmalat group of a like amount.
With this transaction Parmalat S.p.A. will deconsolidate a total of approximately €36 million in debt and amounts payable under leases, based on the situation as at 31 March 2008.
