Je­toil is lat­est to file for pro­tec­tion

Kathimerini English - - Front Page - CHRYSSA LIAGGOU

An­other ma­jor Greek com­pany, Je­toil, has suc­cess­fully ap­plied for pro­tec­tion from its cred­i­tors in or­der to im­ple­ment a stream­lin­ing plan.

Three weeks be­fore the ap­pli­ca­tion by the Marinopou­los su­per­mar­ket chain, fuel com­pany Mami­doil, known by its brand name Je­toil, filed for pro­tec­tion and was granted an in­junc­tion that pro­tects it from its cred­i­tors, which it owes 314.5 mil­lion euros.

The com­pany, owned by the Mami­dakis Group, at­trib­uted its debts to the eco­nomic con­trac­tion, the slow­down in in­ter­na­tional eco­nomic ac­tiv­ity, which has af­fected de­mand in the fuel mar­ket, and the re­luc­tance of lo­cal banks to fi­nance its ac­tiv­i­ties, mainly through guar- an­tees for oil im­ports.

Of Je­toil’s debts, some 184 mil­lion euros are owed to banks, 87 mil­lion to sup­pli­ers, 2.5 mil­lion to the Greek state, 650,000 euros to the so­cial se­cu­rity funds and 920,000 euros to its em­ploy­ees, among oth­ers.

Je­toil, whose par­ent com­pany was formed in the late 1960s by Kyr­i­akos, Gior­gos and Nikos Mami­dakis, grew to be­come the third largest fuel com­pany in Greece, with 600 gas sta­tions. Its prob­lems started a year ago, co­in­cid­ing with the im­po­si­tion of the cap­i­tal con­trols in Greece. For months the lo­cal mar­ket has con­sid­ered the com­pany’s fi­nan­cial state as ir­re­versible.

Je­toil has some 600 fuel sta­tions in Greece, hav­ing grown into the third largest fuel com­pany.

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