NEOSET: Greek Company Goes Bankrupt



neosetAccording to the 212/2014 decision by the Multi-Member Court of Athens, Greek furniture company Neoset has been declared bankrupt, following the request of factory employees in Halkida, who went to court on November 20, 2013.

The same company, in November 2012, had filed a request to be subject to the provisions of Article 99 of the Bankruptcy Code, and this was followed by the closure of the Halkida factory in March 2013 and the dismissal of the staff; the bankruptcy petition was dismissed in June 2013.

According to experts, the decision for bankruptcy will allegedly put a definitive end to the effort of Neoset’s management to continue operations in another form.

“After this decision, all of Neoset’s assets, including its brands, are part of a bankruptcy estate, which will be sold in order to repay all creditors as well as the government,” said a lawyer involved in the case on behalf of Neoset’s employees.

He also noted that, following the decision, Neoset’s existing branch network will “essentially cease all its commercial activity, since the brand is now a bankruptcy estate and will be sold to satisfy creditors.”


3 COMMENTS

  1. Another one bites the dust…Samara, hand over the keys to Brussels so we can all survive so we can live happily ever after…

  2. Truly a shame. This was once a viable company which produced a good product and provided an affordable alternative to people wanting to improve their living quarters. Were it not for the crises it is just one more business that would still be doing well. My condolences to the company workers who lost their jobs as a result of this sad event. Hopefully someone will buy the business, restructure it, and hope for better times to keep it going.

  3. If more international big box retailers were confidant of a Grecovery they would have stepped in.