ROME, March 26 (UPI) -- Italy's dairy giant Parmalat, burdened by $17 billion in debt, announced Friday it will cut half of its 30,000 workforce and sell operations in 20 countries.
Banks, bondholders and small investors' representatives have been meeting the head of Parmalat to discuss its future, the BBC reported Friday.
Enrico Bondi, the government-appointed administrator in charge, is talking with a bidder for the U.S. operations.
The company also plans to sell operations in Mexico, Latin America and Asia, BBC said.
Bondi may also consider swapping the debt for shares in the company as an alternative to keep the company afloat.
Among affected creditors and financial institutions is Bank of America. These institutions are under attack for allegedly knowing but doing nothing about Parmalat's deteriorating financial condition.
A total of 29 former Parmalat bosses including founder Calisto Tanzi are scheduled to stand trial.
