No buenos Dias –

No buenos Dias Published:  27 March, 2014

THE Greek sea bass and bream farmer, Dias Aquaculture, will be filing for bankruptcy, the company announced today.

The move comes after its application to enter into conciliation procedure was rejected.

In a statement, the company said: ‘Driven by its belief in the future of Dias, the board of directors of Dias still wishes to reach a restructuring settlement with the banks and other creditors, which is the only viable and long-term solution to the current financial impasse faced by Dias.’  

‘In order to facilitate such discussions and have the benefit of creditor protection, the board of directors of Dias has decided to apply for voluntary bankruptcy due to threatened inability to cover its debts, which will allow Dias to be placed under immediate protective measures.’

Voluntary bankruptcy does not disallow the possibility of the company reaching an agreement with its creditors and thus withdrawing from bankruptcy.

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