Within the scope of full disclosure and following the publication of Financial Statements and Financial Report for FY 2013, the Company wishes to state the following:
1.On the part of overdue liabilities to suppliers, listed in paragraph 39 of FY 2013 Annual Financial Report, the Company has presented and agreed with the main suppliers a program for the full payment of overdue liabilities by September 2014.
2.On the part of overdue liabilities to the Banks, listed in paragraph 35 of the FY 2013 Annual Financial Report, the Company has committed and accepted, with the 28.03.2014 Decision of the BoD in response to the relevant 21.03.2014 letter from the Banks, that it will proceed with the appropriate actions for the restructuring of its debt including, inter alia, the capitalization of part of the debt as well as the restructuring of the remaining loans.
It is noted that the above require the finalization of terms and their approval by all relevant public and private bodies.
The indicative implementation timetable, that is a part of the aforementioned commitment, will lead to an Extraordinary General Meeting of the Shareholders in July 2014, whereas the conclusion of the procedures for the capital increase is expected by September 2014.
3.In regards to the FY 2013 losses, as well as to the overdue liabilities to the Banks, the aforementioned planned capital increase of the Company through capitalization of debt ensures the removal of the relevant criteria of article 3.1.2.4, paragraphs 1b and 1c, of the ATHEX Rulebook for the current FY 2014.