The deal refers to the liabilities due of the casinos of Corfu, Rio and Alexandroupolis that exceed €130 million. This will be followed by the application of the provisions of the bankruptcy code of the three casinos by the new investors.
However, it is noteworthy that the casinos' liabilities to insurance funds and the Greek state are estimated to c.€30 million and €33 million respectively, while debts to employees of the Rio Casino are also significantly large.
Glafka Capital was founded in 2018 by Petros Mylonas, Christopher Papanikolaou, Angelos Kotaridis and Panos Anastasakis. Headquartered in London with offices in Athens and Nicosia, it is authorized and regulated by the UK Capital Markets Commission (FCA).
Glafka has completed over £1.5billion of investment banking deals in the last three years and is rapidly expanding its wealth and capital management services. Its first investment in Greece took place in 2021 when it covered a €1.5 million convertible bond of the listed company Agrotikos Oikos Spyrou.
