Insolvency

Storied American gunmaker Colt, which has roots stretching back centuries, plans to file for bankruptcy protection, The Wall Street Journal reported on June 14.

The company, which lost a large U.S. Army contract, is in need of the protection "amid business-execution issues and a heavy debt burden," the report said, citing unnamed people familiar with the plan.

By Thanos Tsiros

Just as cash flow in the Greek economy has all but dried up, a recent law is seen as erecting obstacles to new investment.

The contentious clause was voted into law in March as part of legislation that is ostensibly meant to help restart the economy, though experts are concerned that it may have the exact opposite effect.

Premier Victor Ponta said on Wednesday that steps to list another state-owned company will be taken depending on the completion of the required procedures, adding that in Hidroelectrica's case, a court solution is sought to sooner get the company out of insolvency and have it listed on a stock exchange.

A memorandum on launching a debt settlement program was signed on Monday.

It is aimed at "reducing insolvency, encouraging lending and promoting the bankruptcy legal framework and agreed financial restructuring."

Greece's government will be able to pay wages and pensions in May but needs an agreement with creditors by the end of the month because of its cash crunch, the government spokesman said on Monday.

"There should be a solution in May so we can resolve our liquidity issues," Gabriel Sakellaridis told a news conference.

May 18 Greece's government should stick to earlier commitments and present reform proposals to help avoid the country becoming insolvent, Germany's central bank warned on Monday.

In its monthly report, written by economists and officials at the bank, the Bundesbank used unusually frank language to describe what it called the «worrying» situation in Greece.

Bromak EOOD, the majority owner of collapsed Corporate Commercial Bank (KTB or Corpbank) and its executive officers are appealing last week's court ruling which declared the bank insolvent.

This was revealed by Menko Menkov, a lawyer for Bromak which is owned by Bulgarian businessman Tsvetan Vasilev.

The Sofia City Court has declared the state of bankruptcy of Bulgaria's Corporate Commercial Bank (KTB) and announced the initial date of its insolvency was November 6, 2014.

By Evgenia Tzortzi

Greece remains in the high-risk zone as far as corporate bankruptcies are concerned, being among the global leaders in insolvency cases in recent years.

By Dimitra Manifava

Greece?s fish-farming sector is expecting significant developments in the coming months as the deal between Nireus and its creditor banks, the completion of the restructuring process at Selonda and a possible agreement for Dias?s debt restructuring suggest that the sector will only have a future in Greece if that also includes mergers and acquisitions.