business news in context, analysis with attitude

Parmalat USA Corp., the American subsidiary of the Italian dairy company currently wrestling with an $11 billion accounting scandal, filed for Chapter 11 bankruptcy protection yesterday and said it plans to sell its assets.

Parmalat's Farmland Dairy subsidiary is a major supplier of milk to supermarkets in the New York area; it also owns the Sunnydale Farms processing plant in Brooklyn and distributes a number of cookie brands.

The company said it will conduct business as usual, and filed for Chapter 11 protection because of pressure from creditors.
KC's View: