14/12/2012 10:21
The viability and the subsequent course of Orphanides Supermarkets will depend on the decisions to be taken by the banks soon.
After certain press reports, the Company announced that since the decision for the appointment of Manager-Receiver lies to the banks, “it expects their decisions, which will be taken in the next few days and for which the Company will inform the investing public”.
“All actions are in good faith, in order to protect the interests of all parties involved”, it was added.
At a meeting held yesterday with a large number of suppliers/collaborators, the Management informed the attendants that it has requested by the banks the appointment of a Manager/Receiver, who will secure that the Company will continue its activities and will protect its employees, suppliers, banks and shareholders.
A plan has been sent to all banks on Wednesday, December 12, 2012 from the Company’s Corporate Advisor, Andrew Andronikou of UHU Hacker Young LLP based in London and specialized in reorganization and recovery issues.
The proposal for appointment of a Manager seems to have been approved by almost all creditors of the company, provided that new commercial credits will be awarded by bank guarantee.
During the meeting, the company presented its business plan and Mr. Andronikou suggested that there are two options; either the company to go bankrupt and most creditors to be left exposed or to make a final effort for its gradual survival.
The company’s bad condition is reflected in the shelves that began to empty lately. The problem is more intense in the supply of dairy products.
After certain press reports, the Company announced that since the decision for the appointment of Manager-Receiver lies to the banks, “it expects their decisions, which will be taken in the next few days and for which the Company will inform the investing public”.
“All actions are in good faith, in order to protect the interests of all parties involved”, it was added.
At a meeting held yesterday with a large number of suppliers/collaborators, the Management informed the attendants that it has requested by the banks the appointment of a Manager/Receiver, who will secure that the Company will continue its activities and will protect its employees, suppliers, banks and shareholders.
A plan has been sent to all banks on Wednesday, December 12, 2012 from the Company’s Corporate Advisor, Andrew Andronikou of UHU Hacker Young LLP based in London and specialized in reorganization and recovery issues.
The proposal for appointment of a Manager seems to have been approved by almost all creditors of the company, provided that new commercial credits will be awarded by bank guarantee.
During the meeting, the company presented its business plan and Mr. Andronikou suggested that there are two options; either the company to go bankrupt and most creditors to be left exposed or to make a final effort for its gradual survival.
The company’s bad condition is reflected in the shelves that began to empty lately. The problem is more intense in the supply of dairy products.
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