The plan calls for a debt-to-equity swap under which Parmalat would give debtholders shares in the company in place of more than $US17 billion in bonds owed by Parmalat when it filed for bankruptcy protection last year. The debt-holders would lose more than 88 per cent of the value of their original investments. As well, Parmalat's non-core assets would be sold, cutting its brands from 120 to 30 and concentrating on milk and other dairy products and fruit juice.