By Giorgos Lampiris
New acquisitions of smaller wineries will be pursued by the new owners of Boutari Winery, according to information, after the approval of the reorganization agreement by the Multi-Member Court of First Instance of Veria with a relevant decision issued on Monday, August 22.
The final signature of the decision by the president of the Veria Court of First Instance is currently pending, which will most likely happen early next week.
The new data leads Boutari’s property portfolio, i.e. the wineries it maintains in Santorini, Crete, Naoussa as well as other properties it owns, to the listed company Premia Properties AEEAP. As far as the winemaking activity is concerned, it falls under the umbrella of the newly founded company Sterner Stenhus Greece, which is also of interest to the main shareholder of Premia, Ilias Georgiadis.
In the plan of the new owners is also the development of agro-tourism units in the tourist areas we mentioned above, while additional investments are planned for the renovation of buildings and for the wider upgrading of the 600 acres of privately owned vineyards maintained by Boutaris. It is noted that the current owner of Boutaris, Kostas Boutaris, who has many years of experience in the field of winemaking and wine as the head of one of the oldest winemaking companies in Greece, will also have a role in the new scheme being created.
Debts being settled
Of the total debts to banks and the State of 75 million euros, 55 million euros are written off, with Premia and Stenhus Wineries immediately paying 20 million euros, to satisfy the rest of the debts. More specifically, from the debts to banks and debt management companies of 35.26 million euros, 24.06 million euros are written off. An additional amount of 9.24 million euros concerns the price paid by the new investors for the consolidation of the parent company Boutaris Winery and another 1.94 million euros concerns the consolidation of Boutaris Holding.
The obligations of the parent Boutaris Winery to the insurance funds at the end of 2021 were 9.51 million euros and of these an amount of only 1.76 million euros will be paid which corresponds to the amount they would receive in the forced liquidation scenario increased by 18.15% , due to their privileged position. Boutaris Winery has an obligation to pay with money that will come from the agreement with the new owners, which will be repaid in cash. The remaining requirements are completely deleted.
There are debts to suppliers and other lessees, additional liabilities of 8.8 million euros to the Greek State. The amount to the State will be repaid in 57 consecutive monthly installments, without interest, surcharges and other charges being imposed on them.
Source: Capital
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