After two postponments, the application for the ratification of the consolidation plan of the historic Malamatina winery, submitted by the Thessalian group of companies Mantis, was finally discussed today in the Multi-Member Court of First Instance of Thessaloniki.
The court ruling is expected in the coming months.
The approval of the reorganization application by the court is a crucial condition in order for the agreement for restructuring in operation of the company under Articles 106 b and d of the Bankruptcy Code to proceed to the hands of the new investor.
Under its new ownership, Malamatina, according to the consolidation plan, is expected to gradually increase its turnover at an annual rate of 3% with the aim of reaching 14.7m euros in the eleventh year. In terms of profitability, it is expected to be able to achieve net profits from the second year.
The new company is expected to produce 5.6 million liters of final product in its first year of operation, a volume which will increase to 7.5 million liters from the seventh year.
The Malamatina consolidation plan, signed by creditors (SNF DAC, doValue, and Ethniki Bank) representing 79.1% of the total or 79.4% including related parties, provides for the creation of a new company and the transfer to it, part of the assets and a percentage of approximately 24% of the total debt of the winery, which stands at 35.9 million euros.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction
