Greek court provides temporary relief from creditors for Cretan delicacy firm

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Greek court provides temporary relief from creditors for Cretan delicacy firmThe ruling temporarily prevents obligatory collection measures - mainly by creditor banks and vendors - as well as the preventive seizure of property and freezing of bank accounts up to the figure of outstanding debts to creditors

Troubled luncheon meats maker Creta Farms, among the largest such enterprises in Greece, on Wednesday, was granted protection from creditors by a first instance court in the Crete city of Rethymno, with the judge ruling that the company is eligible under Article 106a of the bankruptcy code, according to naftemporiki.gr.

The ruling temporarily prevents obligatory collection measures - mainly by creditor banks and vendors - as well as the preventive seizure of property and freezing of bank accounts up to the figure of outstanding debts to creditors.

Creta Farm describes its story at its site as follows:

"In the beginning, there was oil. Olive oil, from an island full of olive trees, sun, and fresh products of the Mediterranean diet. The island of Crete where the sacred tree comes from and where Stylianos Domazakis founded in 1970 the first organized pork meat production unit, growing his own animals on his own farm.

The years passed and the current owners, the brothers Emmanuel and Constantine Domazakis, have taken over. From then until now, when the company has grown and become active abroad, the vision of the company has not changed, but grown stronger: to share with the world the importance of the good Cretan diet, the value of olive oil, the importance of high quality.

Until today, Creta Farms has continued to produce pure products of high quality and rich taste, having the Mediterranean Cretan diet always as a focal point, glancing at the future and innovation.

It has always its people and the consumers in its heart, one inspiring the other to make people live and eat better.

In 1970, the Domazakis family established the first organized pork meat production unit. In Rethymno, Crete, at Latzima which belonged to the former township of Prinos in the Municipality of Arkadi, Stylianos Damazakis started the history.

After nine years, in 1979, the individual companies of the Domazaki family were consolidated as a joint-stock company, thus founding the “Zoi Emm. Domazaki S.A.”.

By buying the market and the future, next to the pork meat unit, we created in 1987 also a unit of deli meat.

In 1990, the Domazaki brothers assume the management, and in parallel, the unit in Latzia, Rethymno, Crete, is expanded.

From 1993 to 2000, the company evolved and expanded. The facilities at Latzimas in Rethymnon, Crete, doubled and 5 branches were set up in cities throughout Greece: Heraklion Crete, Athens, Thessaloniki, Larissa, and Patras.

Εn Elladi deli meats are made with extra virgin olive oil in its natural form, while the animal fat has been removed

The continuous improvement brought the need for expansion-investment, totaling € 26 million. Thus, in 2002, the company purchases 14.5 hectares of land in Kryoneri, Attica, and builds new facilities, while it obtains in parallel equipment of "KARNA S.A.".

In 2004, we founded “Creta Farms (Cyprus) Ltd.”, the firm’s subsidiary in Cyprus.

Immediately afterward, in 2012, we came closer to our vision. We launched the "En Elladi Mediterranean" and turned into a food company. The product began to be exported to Australia, and we at Creta Farms began to focus more specifically on a new large market with unlimited growth prospects in Greece and abroad.

Until 2018, our guide at Creta Farms is our passion for quality food. We continue to innovate with the only meat in the world which has an amazing taste, as it is raised with virgin olive oil and Cretan herbs, offering the consumer the unique "En Elladi gyros".

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

 

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