Confirmation of conciliation agreement (article 99 of the Greek Bankruptcy Code)
Judgement no.50/2013 of the Court of First Instance of Heraklion confirmed an agreement to conciliation of a company of sports goods limited by shares (our principal) with its creditors. The above agreement reduced debts to creditors by 40%, agreed to repay the remaining 60% over six years with monthly, interest-free and consecutive payments, while at the same time a grace period of one year was agreed. Non-contracting creditors shall be prohibited from prosecution acts for a period of four years.