UPDATED: Bankruptcy Filed For Aegean Restaurant; Foreclosure Auction Delayed

FRAMINGHAM – A scheduled foreclosure auction for the Aegean Restaurant on Route 30 in Framingham has been delayed until April, according to the auction company, The Zekos Group.

A bankruptcy filing took place at 1:28 p.m. today, said Paul Zekos, the spokesperson for The Zekos Group, which was holding the auction today, February 25.

The court bankruptcy filing forced a delay in the auction scheduled for 2 p.m. today for 257 Cochituate Road.

Clinton Bank has a foreclosure notice for the Greek restaurant, said Zekos.

The new auction date is April 28, said Zekos.

The auction is for a 10,940-square-foot building  0.79-acre site. The parking lot is not part of the auction. The Aegean has a lease agreement with the parking lot.

The restaurant was open at 2 p.m. today, February 28.

A lawyer for the Aegean sent this statement to the SOURCE after 9 p.m.

“All that happened today, the landlord for the Aegean restaurant filed a Chapter 11 petition and they are confident a consensual plan of reorganization will emerge that will not involve an auction.
The Aegean restaurant’s landlord simply decided to use Chapter 11 to harness the most value for the most people rather than allow a bank’s auctioneer to extract full reimbursement for the bank and leave everyone else out in the cold,” said attorney Christopher Alberto. “I also can tell you the food is outstanding at the Aegean restaurant, and it remains open for business.”

“While I may not agree with Mr. Albert’s characterization of Tuesday’s auction postponement, I certainly agree that Aegeans food is delicious,” said Zekos.

“Mt Alberto should refrain from making disparaging comments and instead pay closer attention to representing the best interests of his client,” said Zekos.

Alberto’s “inaction lead to an 11th-hour postponement and it was disappointing to all of those involved that he did not act more decisively and expeditiously,” said Zekos. “It was our superior marketing campaign that generated substantial interest in the property and some of those prospects are now dealing directly with the restaurant owners to find an amicable and mutually beneficial resolution.”

The Ntasios Family Realty Co, LLC filed for Chapter 11 reorganization today.

Alberto said “It is a material misrepresentation to say today’s auction was rescheduled to April 28 or to any other date. Neither the Clinton Bank nor Paul Zekos decide if an auctions are scheduled in business reorganization cases.”

Paul Zekos told the media in the parking lot at the Aegean today, February 25, that a new auction would be scheduled for April 28, after receiving notification that a bankruptcy filing happened just before 1:30 p.m.

The Aegean first opened on Beacon Street in Framingham in May 1981 with owners Nicholas and Toula Ntasios.

In 2005, it moved to its current location on Route 30.

A second Aegean opened in Watertown in 2001, but closed in 2015.

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Updated at 9:53 p.m. with a statement from the Aegean’s lawyer. Updated with an additional statement from Aegean’s lawyer at 11:58 p.m. Updated on Friday, February 28 with quotes from Zekos.

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