Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The winemaker Tsantalis SA filed for bankruptcy on July 26, 2024, with the hearing scheduled for October 11, 2024, at a Thessaloniki court in northern Greece. This historic family-owned enterprise has been operating vineyards, producing wine, and distilling traditional white spirits such as tsipouro and ouzo since 1890. Tsantalis maintains vineyards covering 145 acres in Halkidiki, 700 acres in Mount Athos, approximately 800 acres in Rapsani, 580 acres in Maroneia, and 200 acres in Naousa. The company had signed an agreement with the four main systemic banks to restructure its debt in 2020. However, in 2023, the grape harvest did not take place, resulting in the inability to bottle and market its products. The company's dependency on loans and lack of liquidity led to the bankruptcy filing. Reports indicate that a total of around 200 people are employed in the winemaking activities, many of whom have declared work suspension, demanding unpaid wages and job security. According to the "Tsantalis" Workers' Union, the problems began ten years ago, leading a portion of the workforce to declare work suspension at the end of the summer of 2023, with the majority following in October 2023. The company sent legal notices to the workers, claiming that this kind of action was "abusive" and that they had voluntarily left their jobs.
Eurofound (2024), Tsantalis SA, Bankruptcy in Greece, factsheet number 201440, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/201440.
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