Indebted Eleftherotypia files for creditor protection

Representatives of Eleftherotypia newspaper filed for protection from the daily?s creditors under Article 99 of the Bankruptcy Code on Friday.

The debt-burdened newspaper, which was established in 1975, has asked an Athens first instance court to give it legal protection under Article 99 against its creditors so it could come to an arrangement with the firms and employees it owes money to.

The move came after Eleftherotypia failed to secure funding from banks and amid an ongoing dispute with the newspaper?s employees, who are owed several months? worth of wages. Employees went on strike on Friday. Their action will last until January 4.

Alter TV, which reportedly owes some 400 million euros, was also granted protection under Article 99 earlier this year. Employees remain unpaid for several months and have refused to keep the station on air, prompting Alter shareholder Giorgos Kouris to take legal action against them.

Journalists at other media collected donations this week that were distributed to unpaid employees at Eleftherotypia and Alter.

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