The rescue of troubled Epirus-based cold cuts producer VIKI appears to be in peril, as negotiations between its management, the creditor banks and its main suitor, Spyros Theodoropoulos, have come to a standstill.
VIKI is under temporary protection from its lenders after an order issued this week by an Arta court, applying until May 11, when the company’s application for entering the provisions of the Bankruptcy Code will be examined. The firm is hoping to earn itself some time with this move in order to find a solution and continue operating. The same procedure was followed a month ago with VIKI’s subsidiary, pet food company Laky.
According to sources from Theodoropoulos’s company, Chipita, he has halted negotiations for the acquisition of VIKI as felt they were dragging on excessively. He had cited the same reason last July on the sidelines of the general meeting of another cold cuts company, Nikas.
VIKI sources said talks are continuing, but have not yet led anywhere.
VIKI’s case is quite complex as the company had also received a loan from now defunct ATEbank, which is now in a state of resolution.