ECONOMY

Streamlining plan for Enosi Pezon is approved

streamlining-plan-for-enosi-pezon-is-approved

The agricultural cooperative of Peza in the regional unit of Iraklio on Crete achieved its first significant partial write-off of debts to the state through the ratification of its streamlining plan by an Iraklio court last week.

The redemption of the winemaking cooperative that was founded in 1933 relies on ELGEKA as a strategic partner, along with the restructuring of its loans from Piraeus Bank, which supported the agreement, and the installation of an independent mechanism to monitor the implementation of the plan.

Enosi Pezon’s very survival was in doubt given that in 2016 its turnover fell to just 5.7 million euros, from 12 million euros in 2015, with annual losses of 800,000 euros, largely due to the financial crisis and poor management.