GREECE - Dias Aquaculture's request to enter into the conciliation procedure under Chapter 99 of the Bankruptcy Law has been rejected by the courts.
In order to decide the appropriate course of action, the company held a Board meeting.
Driven by its belief in the future of Dias, the Board of Directors 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.
In order to facilitate such discussions and to have the benefit of creditor protection, the Board of Directors has decided to apply for voluntary bankruptcy due to threatened inability to cover its debts, which will allow the company to be placed under immediate protective measures.
Entering voluntary bankruptcy does not preclude Dias from being able to reach an agreement with its creditors and therefore withdraw from bankruptcy.
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