Dias fish farms on the verge of sinking

Dias Aquaculture announced on Wednesday that its application to enter into the conciliation procedure under Chapter 99 of the Bankruptcy Law has been declined, taking the fish farming firm a step closer to bankruptcy. The decisions on its future will be taken during Thursday’s extraordinary board meeting.

In its statement, the listed company added that “the Dias board still hopes to reach a restructuring settlement with the banks and other creditors.” Such a settlement appears particularly difficult given that two restructuring plans have already been rejected, while main shareholder Kakha Bendukidze seems reluctant to invest any more in Greek aquaculture having already lost over 100 million euros to date.

Market professionals and the company’s 431 employees believe it was the months-long delays in finding a solution that have brought it to the brink of collapse, with its immediate needs now estimated at some 50 million euros.