By A. Tsimplakis
[email protected]
A prospective buyer of the troubled Elefsina shipyard, in the same-name industrial district due west of greater Athens, has reportedly cited 13 conditions for the sale, all included in a non-binding offer tabled to KPMG, the firm hired by the creditor bank to seek out possible suitors.
The shipyard and its related businesses declared bankruptcy, with the its creditors having commenced procedures for its restructuring.
The sole proposal was tabled by a scheme that includes Inter-M Traders, with 70 percent, and Sogem Holdings, which holds a 30-stake in the rescue offer. The rumored presence of the Blackhawk fund in the specific offer failed to materialize.
The highlight of the non-binding offer is a purchase price of 90 million euros, equal to the value of the operation, and paid in installments.
Total arrears by the shipyard to creditors, the Greek state, contractors as well as unpaid wages to workers reportedly exceed 200 million euros.
The most prominent of the conditions included in the offer are a debt- and lien-free business to be delivered to the buyer, guaranteed orders for the repair and construction of warships for the Hellenic Navy, as well as a voluntary retirement scheme for the existing workforce.
