Cyprus Mail

Liquidators for Orphanides have taken three years to appoint

Orphanides' debt stands at €121.8

THE CREDITORS of the Orphanides supermarket chain have appointed liquidators, around three years after the company went belly up, it emerged on Wednesday.

During their first meeting, creditors appointed George Maloney and Antonis Vasilliou, marking the beginning of the company’s liquidation.

The company’s verified debt to date is €121.8 million. The biggest creditors are the bank of Cyprus and Piraeus Bank.

Creditors also appointed a committee to supervise the work of the liquidators.

One of the creditors, Louis Klappas, said the debt left behind by the company was the biggest ever in Cyprus,

Many companies have collapsed because of Orphanides, Klappas said, while traders and the banks disagreed over the amount of the debt.

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