Βy D. Alexaki
[email protected]
Troubled luncheon meats maker Creta Farms, among the biggest such enterprises in Greece, on Wednesday was granted protection from creditors by a first instance court in the Crete city of Rethymnos, with the judge ruling that the company is eligible under Article 106a of the bankruptcy code.
The ruling temporarily prevents obligatory collection measures - mostly by creditor banks and vendors - as well as the preventive seizure of property and freezing of bank accounts up to the figure of outstanding debts to creditors.
