Houthoff beats Nauta to Parmalat rescue role
Legal Week reports
January 28, 2004 at 07:03 PM
1 minute read
Dutch independent Houthoff Buruma has scooped a major restructuring job for Parmalat in The Netherlands from under the nose of Slaughter and May ally Nauta Dutilh.
The job, handed down by the Italian trustee of the scandal-hit conglomerate, is a blow to Nauta, which has been the company's main local adviser.
Houthoff has confirmed that it is advising on Parmalat's restructuring, but will not comment on the details of its new mandate. Houthoff banking partner Eddie Meijer and insolvency partner Marcel Windt will lead the team.
It is not known why Nauta was replaced in favour of Houthoff, but Dutch rivals have claimed that Nauta's close connection to Parmalat would have made it difficult for it to advise on any restructuring.
As well as advising Parmalat in The Netherlands, Nauta also owns a trust company, Forum, which holds directorships in three of the Italian food company's controversial subsidiaries.
The subsidiaries are currently under investigation by the Dutch securities regulator after the company last month admitted that it had massively overstated its assets.
First reported on legalweek.com (26 January).
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