“The company has not found an investor. The managing director has already agreed to the closure of the company and has put the employees on notice for termination at the AMS,” Aliki Bellou from the Credit Protection Association of 1870 told APA. She assumes that the bankruptcy proceedings will be opened today.
The company has existed for over 60 years and primarily carries out earthworks and civil engineering services for municipalities, but also for commercial and private clients. There are currently 27 projects being implemented. The debt level is 3.9 million euros, compared to 1.9 million euros in assets, meaning that the company is over-indebted at 2.0 million euros. The application cited the ongoing construction crisis, massively increased construction costs and increased financing interest rates as the reasons for the insolvency.
