ECONOMY

Creta Farms edges closer to survival

creta-farms-edges-closer-to-survival

March 20 will likely be the next key date in the process of saving Creta Farms from bankruptcy, as Thursday’s extraordinary general meeting approved the streamlining agreement with a broad majority.

The agreement was submitted to a court in Rethymno, Crete on Monday and the hearing is scheduled for March 20. The decision, according to legal sources, cannot be expected before the fall.

A statement issued on Thursday by the cold cuts producer said that the streamlining agreement was voted for by 97.92 percent of stakeholders present and 84.52 percent of voting rights holders, including one of the two founding brothers, Manos Domazakis. His brother Konstantinos voted down the agreement and said he would take legal action.

Dimitris Vintzilaios, the prospective new owner of the troubled company, has told Kathimerini that Manos Domazakis is seeking a role in the new management of the company and that he could contribute toward the company’s smooth transition to its new ownership, as well as the restoration of relations with the local community on Crete.