However, Ermis boss John Alafouzos says he is confident that a deal will be struck to ensure the future of the company

"We are in advanced discussions with the bondholders," he said.

He suggests that it was in the company´s favour to have told bondholders about the problems as early as October last year. "We have played the game according to the rules and we have used American lawyers and advisors during the process," he stressed.

The