Chipita seals Nikas deal with banks

Kathimerini English - - Focus - DIMITRA MANIFAVA

The year has started with the com­ple­tion of an im­por­tant deal that is set to sig­nal the re­cov­ery of cured meat pro­ducer Nikas and ex­pand the ac­tiv­ity of new owner Chipita be­yond the cat­e­gory of snack foods.

The ea­gerly an­tic­i­pated agree­ment with the banks for the re­struc­tur­ing of Nikas’s loans and its takeover by en­tre­pre­neur Spy­ros Theodoropoulos was signed on Fri­day and an­nounced yes­ter­day at the Athens Ex­change.

This is the first loan re­struc­tur­ing of a ma­jor Greek en­ter­prise, and it is ex­pected to in­clude a hair­cut on debts and in­ter­est amount­ing to some 37 mil­lion eu­ros.

Af­ter the com­ple­tion of the share cap­i­tal in­crease pro­vided for in the deal, Chipita will con­trol more than 90 per­cent of Nikas, and the aim is for all pro­ce­dures to be com­pleted in time for the im­ple­men­ta­tion of the new busi­ness plan to get un­der way from the sec­ond quar­ter of 2017. Theodoropoulos does not in­tend to squeeze out the re­main­der of Nikas’s share­hold­ers, so the cold­cuts com­pany will re­main listed on the lo­cal bourse.

The de­tails of the deal have al­ready been sub­mit­ted to the Com­pe­ti­tion Com­mis­sion and there will be an ex­tra­or­di­nary gen­eral meet­ing of Nikas’s share­hold­ers so as to ap­prove the agree­ment with the banks in the next cou­ple of months.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.