By Marialene Tsouvelekidis

Application bankruptcy and suspension of payments the historic winery testified at the Multi-member Court of First Instance of Thessaloniki Chantalis.

This development comes after some time during which the company is facing financial problems. In particular, it was particularly valuable for Tsantalis, dstop supplying the Russian market, because of the war in Ukraine. In Russia, he sold quantities of wine at a high price, producing, among other things, wine for the Kremlin from the vineyards of Mount Athos.

Already at the end of 2023, procedures had begun confiscation of assets in the hands of third parties and in particular in the hands of suppliers of Tsantalis, to whom the company owes significant sums for purchases of equipment and materials. The company owes approx 33 million euros to the banks against borrowing and its total liabilities exceed 55 million euros, including debts to insurance funds and other tax or other liabilities.

At the same time, the workers, whose salary payments are pending, have gone on a work stoppage, following the initiative of the Tsantali Winery Employees’ Union. THE company earlier in July proceeded to extrajudicial through her attorney, where she essentially blames the workers for the fact that they went on strike on October 31, 2023.

Discussions with the Greek Wineries are ongoing

According to his information skai.gr, the Greek Wineries of the Georgiadis brothers, have been trying for 2-3 months to “give a helping hand” to the Tsantali company. The same information states that fermentation and discussions are still taking place with a positive sign, however, it remains unknown whether an agreement will be finally reached on the cost part.

Although the bankruptcy of Tsantalis could be a deterrent for interested investors, Hellenic Wineries remains in the picture with the intention of “saving” Tsantalis.