ECONOMY

Altec Telecoms resorts to filing for bankruptcy

Altec Telecoms reportedly filed for bankruptcy yesterday due to insolvency. However, the company also submitted a restructuring plan aimed at saving the firm and improving its organization. Ministries, public services and other state companies were without Internet connection for hours on Thursday and Friday as the Syzefxis network went down, likely due to the disconnection of Altec Telecoms to which it is linked. Ironically, Altec was one of five Greek companies chosen by the European Commission’s General Directorate for Research for inclusion on the list of the 1,000 pioneering European firms in research investment. The others are Intralot, Pharmathen, Zenon and Lavipharm.