Creta Farms

The European Investment Bank - and by extension the European Union budget - is among the biggest losers from the streamlining plan for troubled cold cuts producer Creta Farms.

Financially troubled deli producer Creta Farms is in limbo, with its creditors refusing to accept any solution other than brothers Manolis and Konstantinos Domazakis, who own an 80 percent stake, putting their shares up as collateral for a new 8-million-euro loan.

The chairman and CEO of financially distressed deli products maker Creta Farms, Manos Domazakis, has refused to put up his shares in the company as collateral for a new bank loan of 8 million euros that would allow his firm, which employs 800 people, to resume normal production schedules.

The creditors of financially distressed deli products company Creta Farms appeared willing last month to lend the company 8 million euros, on the condition that brothers Manolis and Konstantinos Domazakis, owners of 80 percent of the company, put up their shares as collateral.
The pair did not do so and the company, which employs 800 people, is in imminent danger of collapse.

Listed food company Creta Farms announced on Wednesday that it continues the production of innovative products and investment in research and development, along with targeting international markets, either through exports or via licensing agreements.

Food companies in Greece are continuing to invest in production with their eyes firmly fixed on developments abroad, as foreign markets have been their only field of expansion in recent years, if not the very reason they have managed to weather the crisis.