Turkish aquaculture company, Dias Group, has applied for voluntary bankruptcy due to “threatened inability to cover its debts”.

This comes after the Group’s application to enter Chapter 99 of the Bankruptcy Law – Greece’s equivalent to bankruptcy protection.

Dias says it still wants to reach a restructuring settlement with the banks and other creditors, which is the only viable and long-term solution to its current financial standstill.

If the Group can meet an agreement with its creditors, it will withdraw from bankruptcy.

Today, Dias owns and operates two hatcheries, 31 fish farming sites, eight modern packaging centres, two distribution centres and a fish-processing and standardisation factory and is amongst the three largest groups in the Mediterranean aquaculture industry.

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