The first key step towards inclusion in the settlement process is article 106 of the Bankruptcy Codefrom Corfu, Rio and Alexandroupoli casinos Performed. Interested by the Greeks, the British investment fund Glafka Capital has reached an agreement with the bad debt management company Intrum Hellas to buy bank loans from their management companies at a significant discount. These are the companies of the Piladakis group, whose bank liabilities have a nominal value of 130 million euros.

Market information wants the price to move in extreme double-digit percentages of face value. Of the three casinos, one in Rio has been closed for more than six months, and about 240 of its workers are not receiving wages. At the same time, three casinos allegedly have an additional debt of $40 million to insurance funds, and their financial situation has raised the question of revoking their licenses to operate by the Committee for the Control and Supervision of the Gaming Business. In addition, suppliers, other creditors and employees have 20 million claims. Debts to insurance funds and the state are also cited as the reason why previous attempts to include them in the bankruptcy restructuring regime were rejected by the competent courts after the intervention of insurance organizations and the state.

The Greek interest fund has bought their loans from Intrum and is starting a restructuring deal.

However, at this stage, Glafka Capital seems to have contacted both the Gambling Commission and the competent departments of the Ministry of Labor and the Treasury, in order, on the one hand, to ensure that the licenses remain in force, and on the other hand, to provide payment guarantees, at least at least most of the debt to the state in the context of long-term regulation. The outcome of the relevant consultations cannot be predicted under any circumstances, but investor circles are moderately optimistic that the restructuring plan may “walk”.

At the heart of Glafka’s business plan is the management of the Corfu Casino, which is located in a highly visited area for foreign travelers. Accordingly, the casino in Rio, in addition to the hospitality infrastructure it can develop, is estimated to have a significant market footprint in southern and southwestern Greece. As for the casino of Alexandroupolis, it is speculated that this could be addressed to the wider Balkan market, as well as benefiting from the rapid development of transit activities taking place around the port and a modern direct rail link to the rail network that is being tendered. Southeast Europe.

Glafka Capital, founded in 2018, is a UK-based investment firm with a network of offices across Europe, providing a wide range of financial services and strategic advice to a narrow portfolio of domestic and international private and public sector clients. Glafka’s management team is led by Petros Mylonas, Christophoros Papanikolaou, Angelos Kotaridis and Petros Anastasakis.