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Microland Tries Again For Article 99

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Having secured the agreement of its basic creditors and with a better dossier, Microland is about to submit another application to take care of its obligations.

So, after the rejection of its first request to enter article 99 and kick-off the conciliation process, the heads of Altecs subsidiary which is in deep financial and operational trouble intend to achieve a new agreement on the  settlement of its financial obligations which in the end of Q1 were 28.1 mil. euro.

The fact that Microland so far had not entered article 99 had led to the suspension ( as from today) of the trading of its shares at the Greek Market.

Microlands share ended yesterdays session down by 7.25% at 0.64 euro while the companys capitalisation is estimated at just 9 mil. euro.

If their attempt fails again, it is very possible that the option of liquidation will be considered without excluding the effort of buying a buyer, though it is considered as something extremely difficult, sources say.

The companys network has shrunk and now, after the shutdown of Altec, the parent company, aand the economic crisis, it has practically gone out of business since it has personnel of just 8 persons and losses of 301 thousand euro.

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