Sudden Closure of Historic Katselis Factory

katselis_518_355Another historic factory in the field of bakery closes. It is the Katselis company, which has been an employer for 500 families.

The closure was announced in the market on June 21, when Nutriart S.A. (Katselis), filed for bankruptcy before the Athens Multi Member Court of First Instance with a discussion date set for 18 September, 2013.

According to the company’s announcement, “The worsening of the crisis, along with the long delays to finalize, to conclude and to implement the financial restructuring agreements with the banks, worsened the company’s economic condition. As a result, the company is no longer able to meet its financial obligations.”

Giorgos Arvanitis, the President of the Employees in the Nutriart S.A. (Katselis), told Newsit that the employees demand the immediate re-opening of the factory and they want to remain in the market. The employees demand an explanation from their employer and are determined to keep working in the company.


  1. READ THIS below from New York Times today… Incredible!—-
    “Greek EU Loans Plan May Reward Some Crooked Bank Executives”

    New York Times by Landon Thomas– June 25, 2013
    LONDON — Even as European taxpayers grimace at the escalating cost of bailing out Greece’s banking system, the banks’ top executives are poised to potentially strike it rich.

    The plan developed by the Greek government and its international creditors to recapitalize the country’s banks involves an unusual twist as stock offerings go: the new shares in the banks will give investors free and potentially lucrative warrants that will entitle them to buy many more shares in the future at a predetermined price.

    Because many of the investors who are expected to participate in the stock program are the same executives who were running the banks at the time of their near collapse, critics see it as a case of bankers being rewarded despite their management missteps. And they say the Greek government is forgoing billions of euros in potential revenue with the way the stock offering is being handled.

    Officials of the Hellenic Financial Stability Fund did not respond to questions about the warrant program. Nor did Greece’s international creditors — the European Commission, the European Central Bank and the International Monetary Fund — the so-called troika, which helped the stability fund devise the program.