Unformatted text preview: auditor for PricewaterhouseCoopers, to prosecutors. Parmalat was declared insolvent in December after it disclosed that a $4.9 billion bank account didn't exist; its total debt as of last September was $17.6 billion. Of the $5 billion in loans allegedly connected to the double-billing, adds Bloomberg, about one-quarter would be due in April if the company were not protected from creditors. Meanwhile, banks aren't the only ones that apparently lost money in Parmalat. Global insurance giant Aflac said it recorded a pretax loss of $257 million from the sale of its holdings in the disgraced Italian company, It also sold its investment in Levi Strauss at a pretax loss of $38 million....
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This note was uploaded on 09/01/2010 for the course BAT4M BAT4M taught by Professor Katz during the Fall '05 term at Acadia.
- Fall '05