Bankruptcy

The development and sale of controversial château-style villas in a Turkish UNESCO-listed town will resume after the bankruptcy decision against its developer has been reversed by a court.

The government is trying to maintain the interest of borrowers wishing to protect their primary residences in the online platform for that purpose ahead of December 31, when the favorable protection status with a state subsidy expires.

The completion of the agreement between property development group Haragionis and investment company Fortress Group is close, Kathimerini understands, with Fortress set to acquire the Greek company's debt.

In a resolution adopted Thursday, MEPs expressed concern about the hundreds of thousands of blocked tourists (over 600,000), the thousands of jobs lost, the difficulties caused to small and medium-sized enterprises and the damage caused to the tourism sector by the bankruptcy of " Thomas Cook. "

Nearly 1,500 applications to settle debts to Greece's power utility have been filed daily since October 1, which is when the new debt installments plan went live online and also became available by telephone, sources in Public Power Corporation (PPC) reported on Monday.
The new repayment plan includes more installments and lower initial installment rates.

State debtors' keen interest in the debt settlement program in which payments can be made in up to 120 tranches has resulted in a massive drop in confiscations, official data showed on Thursday.

Astral Holidays, one of the largest tour operators in Bulgaria, has announced that it is starting bankruptcy proceedings. This was reported by the agency on its official website.

The company is the Bulgarian partner of the failed British tourist operator Thomas Cook.

The Agency assures that it has taken all measures to protect its clients.

About half a billion euros have been lost to Greek tourism by the bankruptcy of British tourism company Thomas Cook, Kathimerini reports, citing an interview with Greek Tourism Minister.

He announced new measures by the government to soften the effects on the industry, according to BGNES.

The US-based apparel company Forever 21 which was founded in 1984, filed for bankruptcy. The fashion brand, which has stores in Bulgaria, however, does not intend to completely withdraw from the market, but rather to use this move as a way to clear its business from non-working assets, in particular, from non-profit shops.

The Greek tourism lost аbout half a billion euros from the bankruptcy of the British tourism company Thomas Cook, Kathimerini reports, citing an interview with Greek Tourism Minister Haris Theoharis at ANA-MPA.

He announced new measures by the government to mitigate the effects on the industry.