UPDATED: Dias bankruptcy hearing postponed

The banks are expected to use the time to try to find a compromise in regard to Dias’s liabilities.

"The company is in discussions with its creditors it is just a postponement until the next step of the process," Hamilton said.

"In Greece there are various processes that one can go through, the postponement was deemed the next best step between Dias and its creditors and will facilitate the discussions around the new business plan and restructuring," she said.

Hamilton is confident that an agreement will be reached by the time the hearing takes place at the end of January.

"I don’t think bankruptcy either voluntary or involuntary is on the table at the moment. What we are seeking to do it actually restructure the debts of  the company," she said.

In early September the Greek seabass producer announced it had filed for bankruptcy protection under Chapter 99 as a "preventative measure," but was "operating normally, continuing to feed its fish, paying its employees, to grow and sell fish to all its customers."

Meanwhile, a  long-planned merger between fellow bass and bream producer Selonda and Dias announced in April is currently hinging on the outcome of the bankruptcy hearing.

However, according to Hamilton, the merger has not been terminated and "as far we are concerned the merger should still be progressing and going ahead."

"Chapter 99 is not a cause for the merger not to proceed for either side," she said.

That said, there is no "visibility" on any timeframe. "There is no change in plan, things just take time in Greece," Hamilton said.