Dias fish farming files for bankruptcy

Dias Aquaculture decided on Thursday to file for bankruptcy and protection from its creditors following Wednesday’s rejection of its application to enter into the conciliation procedure under Chapter 99 of the Bankruptcy Law.

The listed fish farming company also halted payments, while Athens Exchanges announced at 3 p.m. on Thursday that it had suspended trading of Dias stock until further notice.

In a statement the fish farming company’s board reiterated its hopes of attaining a debt restructuring agreement with its creditors, arguing that “this is the only viable and long-term solution.”

Fish farming is among the country’s main export sectors but has suffered in recent years due to serious debts and strong competition from rival Mediterranean countries.