11/01/2013 09:23
Part of Orphanides’ suppliers is holding a general meeting tomorrow to clarify the situation in relation to the future of the super markets.
The specific suppliers believe that the opening of a new company on the basis of the memorandum signed between with the Company is a one-way street, since its assets are insufficient to repay creditors.
Their representative supports that the properties, claimed to be worth €340 million, worth less than €140 million in forced sales prices.
"The time of collective inaction and ambiguity maim increasingly the suppliers’ ability to collect what is owed by the company”, Mr. Giorgos Georgiou on behalf of “Orphanides New Era” said.
As stated on the website of the company's suppliers (neaepohi.com), the meeting will explore two realistic scenarios. The first involves the dissolution of Orphanides and the second to the continuation of operation of the company.
In the case of dissolution, they will examine the next day, how banks will move, how assets will be sold.
They will also review how easy it is to dispose the assets in the current circumstances and what is projected to be their value.
They will see how the distribution of revenues from the sale will be carried out, how many suppliers are paid, what the chain reaction will be and how competitiveness in the supermarkets is affected.
As for the second scenario, that provides for the continued operation of the company, they will examine if there is another way to continue its activities if the new company does not undertake the management, who is benefited, what are the risks for the market, the suppliers and the banks.
According to the suppliers, simple mathematics shows that the assets of Orphanides are not even sufficient for the debts to the banks.
“The banks on the whole have to take more than €170 million. The properties of Orphanides in current forced sale prices are below €140 million. In addition, there are other "preferential" creditors of €20 million.
Suppliers of €85 million come third, before the turn of suppliers where there is an unbridgeable gap €50 million.
The specific suppliers believe that the opening of a new company on the basis of the memorandum signed between with the Company is a one-way street, since its assets are insufficient to repay creditors.
Their representative supports that the properties, claimed to be worth €340 million, worth less than €140 million in forced sales prices.
"The time of collective inaction and ambiguity maim increasingly the suppliers’ ability to collect what is owed by the company”, Mr. Giorgos Georgiou on behalf of “Orphanides New Era” said.
As stated on the website of the company's suppliers (neaepohi.com), the meeting will explore two realistic scenarios. The first involves the dissolution of Orphanides and the second to the continuation of operation of the company.
In the case of dissolution, they will examine the next day, how banks will move, how assets will be sold.
They will also review how easy it is to dispose the assets in the current circumstances and what is projected to be their value.
They will see how the distribution of revenues from the sale will be carried out, how many suppliers are paid, what the chain reaction will be and how competitiveness in the supermarkets is affected.
As for the second scenario, that provides for the continued operation of the company, they will examine if there is another way to continue its activities if the new company does not undertake the management, who is benefited, what are the risks for the market, the suppliers and the banks.
According to the suppliers, simple mathematics shows that the assets of Orphanides are not even sufficient for the debts to the banks.
“The banks on the whole have to take more than €170 million. The properties of Orphanides in current forced sale prices are below €140 million. In addition, there are other "preferential" creditors of €20 million.
Suppliers of €85 million come third, before the turn of suppliers where there is an unbridgeable gap €50 million.
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