General Pack: The big complex in Koropi goes under the hammer (pics) | News about the Economy

THE General Pack was previously one of the largest companies in its field packaging forms and then her bookbinding, which, despite significant investments, “ran into” the consequences of the multi-year economic crisis. Nevertheless, a great effort was made to save her resolution agreement with its creditors which was closed in May 2016 and ratified by the Multi-member Court of First Instance of Athens in November 2017.

Now, however, the company of interests of the Apostolopoulos family is located faced with the threat of auctions as it is scheduled to be released on December 15 hammer-if by then no moves are made to prevent it-, the central industrial complex in Koropiaccelerated by doValue and with a starting price of 4.8 million euros.

The history of the company

General Pack started its journey in 1984 active with particular success in the packaging of magazines, newspapers, forms, in inserts-pastes of sample distribution products, direct mail packaging, manufacturing of special works for books, boxes, gifts, etc.

Then he created her first state-of-the-art vertically integrated bookbinding unit in the countrycomparable to corresponding units abroad, with the ability to produce 7,000 books per hour and 100,000 packages.
In the central privately owned complex of 13,500 sq.m. they took place in Koropi large investments in state-of-the-art machinerywith an emphasis on packaging and processing methods.

It is characteristic that in the five-year period 2004-2008 the total amount of investments in upgrading the equipment and building facilities exceeded 15 million euroswhile in 2009 another 6 million euros were allocated for the bookbinding unit and the building extension.

But then the company was faced, like most businesses in the country, with the heavy consequences of the financial crisiss. Thus, from the middle of 2011 there was a rapid drop in sales, from 13.3 million euros in 2010 to 3.7 million euros in 2012, with liabilities increasing to 14 million euros. A situation that worsened further after the bankruptcy of its major clients such as Typokedotiki.

Since then, its management has pursued the liquidation of the clientele and the general restructuring of the company, with new services, minimization of operating costs and commercial exploitation of part of the facilities by leasing to third parties, etc. The effort yielded positive results as part of the obligations were paid while there was an increase in turnover.

With these more favorable data, the consolidation agreement was reached with creditors representing the 76.62% of total claims.

How it came to auction

The company’s properties carry a lot “weights” (foremarks and seizures) mainly from the period before the resolution agreement.
However, the crucial seizure was made on May 11, 2022 by doValue as manager of the claims of the foreign special purpose company “Eagle Issuer Designated Activity Company”special successor of the National Bank, for an amount of 261,298.93 euros.

So we get to the scheduled auction of December 15.

According to the assessment report, it appears that all the building facilities have been erected in parts from 1977 to 2010 and concern:

-Basement: with warehouse 3,840.70 sq.m. and auxiliary spaces 1,531.50 sq.m.,
-Ground floor: with warehouse: 5,975.50 sq.m.,
– First floor: with offices: 454.26 sq.m. and warehouse with offices 1,116.00 sq.m.

The total area of ​​the facilities is 12,917.96 sq.m. The building is constructed with a load-bearing body of reinforced concrete and metal panels, while the surrounding area is paved and fenced.

It is a plot of land “after the industrial facilities in operation on it which currently house the bookbinding company General Pack”, in Koropiin place Karela Islandson the 21st mile of Lavrio Avenue.
The fieldwhich has arisen after the amalgamation of four neighboring parcels of land, currently has a total area of ​​14,865.57 sq.m., is outside the plan and outside the zone 500 m from the street plan, within the industrial area of ​​the Municipality of Kropias.

The property it is about 22 km from the center of Athens and 11 km from Eleftherios Venizelos Airport. The area is basically industrial, and access to it is easy via the Attica Road which passes at a distance of about 2 km, to the north.

During the external autopsy it was found that the building is generally well maintainedconsidering its age and is in operation.

To auction the plot of land and the industrial complex come out as one single functional unit and based on the appraisal report, the commercial value and correspondingly the first offer price is set at 4,797,000 euros.

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The article is in Greek

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