Parmalat was forced to buy back half a €300m ($382m) bond issue after breaking a promise to stop raising debt.

Nextra Investment Management, the asset management arm of Banca Intesa, was the sole investor in the original bond launched in June 2003, as a private placement via sole lead manager Morgan Stanley. It bought after Parmalat promised not to raise any more debt in the immediate future.

Banca Intesa unit dumped bonds after Parmalat's breach of promise

Vivek Ahuja

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