By George Lampiris
Kallimanis submitted the resolution agreement for approval by the Multi-Member Court of First Instance of Aigio yesterday. The consolidation plan, once approved, will formally pave the way for the sale of the company to the Turkish food group, Dardanel. The hearing of the agreement before the court is set for January 18, in case there is no postponement on it or any other opposite development until then.
Already during 2021 and specifically at the end of August, a contract was signed for the sale and transfer of all the business receivables of the banks to Dardanel, and the submission of the consolidation plan to Justice was pending.
Negative equity 63 million and loans of 65 million euros bought by the Turks with a haircut
With this move, the court is called to consolidate the winter industry in recent years, which at the end of 2020 had negative equity of 63.14 million euros, with its total liabilities amounting to 79.43 million euros during the same time period. Of these, 65.17 million euros related to loan liabilities and 5.9 million euros to liabilities to suppliers, while other liabilities of 8.2 million euros are pending against the company.
Regarding the real estate of the company, both the one located in Aigio and the one located in Lefkada, it is burdened with mortgage promissory notes amounting to 78.3 million euros.
Charge with only 10% of Kallimani’s loans for Dardanel
As part of the agreement that Kallimanis has already concluded with Dardanel, the latter established a subsidiary in Greece last December, with the agreement stipulating that it will acquire Kallimanis’s loans at 10% of their value, which in practice means that Turkish side will pay about 6.5 million euros. In addition, the Greek subsidiary, Dardanel Greece, which was founded, proceeded on October 6 to increase its share capital by 5.55 million euros, which now amounts to 6.05 million euros.
Who determines the fate of the consolidation
The fate of the consolidation agreement is to be judged by 78% of Kallimani’s creditors for all the receivables to the company, as well as for a percentage of 92.59% of the company’s collateral. The State for its part must agree with a percentage of 6.26%, while EFKA is required to consent for a percentage of debts of 6.26%. The State will also have to agree by 7.4% on the company’s secured claims.
It is noted that Dardanel Onentas Gida Sanayi is based in Istanbul. It is active in the packaging of fish such as canned tuna as well as other canned foods such as sardines, mackerel, while it also has codes such as frozen fish croquettes, frozen shrimp and salmon, related product categories to those of Kallimani.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
