BUSINESS

Rio casino reopens after court order returning reserves

TAGS: Business, Justice

The debt-wracked casino in Rio, western Greece, has been allowed to reopen after a court in Patra put a temporary stay on the seizure of its capital reserves.

Judges ordered the return of 89,000 euros the business kept in reserve in order to operate per the law governing casinos, after the funds had been seized ahead of a hearing on a complaint by a few dozen workers regarding overdue pay.

The case is scheduled to be heard on October 17, prompting the Patra court to uphold a request by 110 employees of the casino’s 195-strong workforce to allow the business to operate until a verdict on its overdue debts is reached.

The Rio casino is struggling with large debts in taxes, social security contributions and overdue salaries, but it had signed an agreement with workers in April to keep up with current wage payments and is in the process of developing a restructuring plan.

The stay granted by the Patra court also includes claims by creditors.

The seizure of the casino’s reserves was ordered earlier this month on the basis of a complaint by 85 workers who belong to the communist-affiliated union, PAME.

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