Cirio, the troubled Italian canned food and tomato sauce maker, has been granted extra time by a Rome court - until September 17 - to decide whether to declare itself bankrupt.
Cirio defaulted on a bond of 150m euros last November and was then found to be in cross-default on seven unrelated bonds for 1.1bn euros. In January its boss and founder Sergio Cragnotti resigned.
The court said it had realised the “serious impact” bankruptcy could have on both Cirio’s employees and creditors and on Italy’s food market.
Cirio defaulted on a bond of 150m euros last November and was then found to be in cross-default on seven unrelated bonds for 1.1bn euros. In January its boss and founder Sergio Cragnotti resigned.
The court said it had realised the “serious impact” bankruptcy could have on both Cirio’s employees and creditors and on Italy’s food market.
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