The margins for the rescue of the Casino in Alexandroupolis are narrowing, while at the same time, on November 21, the reorganization plan for the casino in Corfu is under discussion.

Specifically, the court rejected the reorganization plan submitted by Glafka Capital for the Alexandroupolis casino, and this rejection follows the similarly negative decision for the Rio casino.

According to information from BnB Daily, Glafka will file an appeal immediately, hoping for a different decision for Alexandroupolis.

THE LOANS

It is reminded that Glafka acquired the loans of the Rio, Alexandroupolis, and Corfu casinos from Intrum. The total loan portfolio amounts to €130 million, and it submitted a restructuring plan for the three businesses. Its goal is to pass these loans onto the company itself through increases in equity and debt capitalizations.

INCREASE IN REVENUE IN ALEXANDROUPOLIS

Particularly for the casino in Alexandroupolis, it records a significant increase in revenue, and its prospects are better compared to the other two casinos. The reorganization plan, which was rejected, included cuts to the public, social security contributions (EFKA), suppliers, and voluntary exits for personnel. In case Glafka's appeal is rejected, the competent committee (EEEP) is expected to proceed with the revocation of the license.

THE BLOCK IN RIO

As for the restructuring plan for the casino in Rio, it was rejected because the employees would be paid, while debts to the public and social security contributions (EFKA) would be cut and repaid in installments. Its license has already been revoked, and there is no protection from creditors. Therefore, at this stage, auctions are the only way forward. The restructuring plan for the casino in Corfu has a better chance of success in the process, but nothing is considered certain. After all, the experience from the other two casinos in Rio and Alexandroupolis shows that no outcome can be considered certain.

(Τίτλος)