The Lambrakis Press Group (DOL) announced on Saturday that after a failure to reach an agreement with its lenders, the publication of Ta Nea and To Vima newspapers will cease immediately.
The statement published on DOL’s website said that Eurobank, Alpha, Piraeus and National banks had refused to extend any more credit to the group and would, instead, place it under administration.
The banks do not have plans to safeguard the continued publication of the newspapers, according to DOL.
The statement accused the creditors of being “indifferent” about the fate of more than 500 employees, who have not been paid for the last few months. DOL also accused the bank executives of not taking into account the group’s historic role in the Greek media and politics.
The statement concluded by saying that the employees would continue efforts to rescue the newspapers. DOL was founded in 1922 and grew to become one of Greece’s main media groups, also owning a stake in Mega TV.