A well-known industrial in east Thessaloniki sold for one euro above the minimum price of 9,237,500 euros on Wednesday, with a sole bid submitted in the fifth and ultimately successful auction.

The abandoned and gutted Philkeram Johnson ceramic tiles plant and buildings, totaling 138,000 square meters, stand on the property, located in the Pylaia district. Although the buildings are now dilapidated and whatever machinery has been looted over the years, the property nevertheless is located in an area that hosts “big box” retailers and Thessaloniki’s biggest shopping mall.
The first auction was held in 2015, four years after the business declared bankruptcy in 2011.

Total arrears – dating back to 2010 – owed to 225 former employees of the insolvent company total 11.5 million euros, although based on the bankruptcy code in effect in 2011, the Greek state is the priority creditor, with whatever proceeds left over then going to the workforce.

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