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.
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