The write-offs are expected to continue
Three listed companies have recorded significant gains in the first half of 2025, although they remain under trading suspension, with one of them even returning to positive equity, as promised by its management.
The debt haircut appears deep and has raised questions about potential competition with similar companies that have struggled for years to pay the high interest rates imposed by banks, especially during the crisis years.
Suffice it to say, several companies have gone bankrupt for several million less!
The write-offs are expected to continue.
Deep debt haircut of €124.5 million for Bitros
The debt restructuring agreement for Bitros with its creditors has been fully implemented.
Bitros Reinforcing Steel sold assets worth €3.7 million and repaid debts totaling €18.45 million!
Bitros Steel has agreed to repay €33.6 million through the sale of assets (real estate, photovoltaic systems, and machinery) by mid-next year.
In exchange, €124.5 million of debt will be written off.
Most of the debt has already been written off, leaving approximately €3 million.
The company now has positive equity. In total, Βitros, with revenues of €3.3 million, has written off €143 million!
Other companies have gone bankrupt for much less!
Debt write-off of €54.23 million for Vioter
Vioter had a dispute with a servicer and won, resulting in a debt write-off of €54.23 million.
According to the terms of its restructuring plan (which includes the write-off of bank obligations and debts to suppliers and other creditors), the company believes it will be able to find a new path and prospect to face upcoming challenges while aiming to capture a share of the construction sector.
Therefore, we can assume that further debt write-offs are to be expected.
Vioter still owes €131 million to the banks and has committed to selling some of its properties. However, the remaining debt will still be significant.
Debt write-off of €7.61 million for Spyros Group
Spyros Group, on 29/05/2025, proceeded with the restructuring of its total debt of €12.21 million.
Under the new agreement, €4.6 million will be repaid over 20 years (until 2046), with the remaining amount to be written off once the above sum is fully paid off!
Moreover, the company has a five-year grace period for half of the repayment and a ten-year one for the other half.
€34.5 million debt haircut expected for Yalco
According to the debt restructuring agreement for Yalco, €34.3 million will be written off.
The agreement was discussed in court on June 13, and a decision is awaited.
Once the agreement is validated, the write-off will take place within 30 days.
It is also noted that AVE received a small benefit from a new debt write-off, although the main shareholder has pumped money into the company several times in recent years to repay its debts.
George Katikas
george.katikas@gmail.com
www.bankingnews.gr
The debt haircut appears deep and has raised questions about potential competition with similar companies that have struggled for years to pay the high interest rates imposed by banks, especially during the crisis years.
Suffice it to say, several companies have gone bankrupt for several million less!
The write-offs are expected to continue.
Deep debt haircut of €124.5 million for Bitros
The debt restructuring agreement for Bitros with its creditors has been fully implemented.
Bitros Reinforcing Steel sold assets worth €3.7 million and repaid debts totaling €18.45 million!
Bitros Steel has agreed to repay €33.6 million through the sale of assets (real estate, photovoltaic systems, and machinery) by mid-next year.
In exchange, €124.5 million of debt will be written off.
Most of the debt has already been written off, leaving approximately €3 million.
The company now has positive equity. In total, Βitros, with revenues of €3.3 million, has written off €143 million!
Other companies have gone bankrupt for much less!
Debt write-off of €54.23 million for Vioter
Vioter had a dispute with a servicer and won, resulting in a debt write-off of €54.23 million.
According to the terms of its restructuring plan (which includes the write-off of bank obligations and debts to suppliers and other creditors), the company believes it will be able to find a new path and prospect to face upcoming challenges while aiming to capture a share of the construction sector.
Therefore, we can assume that further debt write-offs are to be expected.
Vioter still owes €131 million to the banks and has committed to selling some of its properties. However, the remaining debt will still be significant.
Debt write-off of €7.61 million for Spyros Group
Spyros Group, on 29/05/2025, proceeded with the restructuring of its total debt of €12.21 million.
Under the new agreement, €4.6 million will be repaid over 20 years (until 2046), with the remaining amount to be written off once the above sum is fully paid off!
Moreover, the company has a five-year grace period for half of the repayment and a ten-year one for the other half.
€34.5 million debt haircut expected for Yalco
According to the debt restructuring agreement for Yalco, €34.3 million will be written off.
The agreement was discussed in court on June 13, and a decision is awaited.
Once the agreement is validated, the write-off will take place within 30 days.
It is also noted that AVE received a small benefit from a new debt write-off, although the main shareholder has pumped money into the company several times in recent years to repay its debts.
George Katikas
george.katikas@gmail.com
www.bankingnews.gr
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