Parma, Nov. 22 - A Parma judge has approved plea bargains for six former executives of Italian asset manager Nextra accused of contributing to the bankruptcy of Italian dairy giant Parmalat SpA in 2003.
The six former executives - Giovanni Landi, Marco Valsecchi, Antonio Cannizzaro, Marco Ratti, Fabio Ricci and Marcello Giuseppe Quagliotti - all received suspended prison sentences of 18 months Wednesday.
According to Parma prosecutors, the former executives had a role in the launch of a EUR300 million bond issued by Parmalat in June 2003, a few months before its collapse.
Parmalat declared bankruptcy in 2003 after saying it didn't have the cash on hand to meet creditors' deadlines. It revealed debts of EUR14 billion, sharply higher than previously announced.
The company was restructured and relisted on the Milan exchange in 2005.