![Transfer of Elefsis Shipyard finalized; Onex the new owner](https://www.ot.gr/wp-content/uploads/2022/09/elefsina.jpg)
A milestone agreement fully transferring the previously insolvent Elefsis shipbuilding complex from the state and creditors to a company already operating a smaller shipyard on the Cyclades Island of Syros was signed on Thursday in Athens.
The shipbuilding operation, based in the coastal industrial municipality of Elefsina, due west of Greece’s largest port of Piraeus, had for decades served as a major employer and maritime-related manufacturer, before accumulating hundreds of millions of euros worth of debts from annual operating losses, non-serviced loans and arrears to social security funds and suppliers.
The agreement will now be submitted to a relevant bankruptcy court for approval, something that is more-or-less assured.
The Greek state was represented by Development & Investments Minister Adonis Georgiadis, who signed the transfer and restructuring agreement, while the new ownership was represented by Onex Elefsis Shipyards and Industries S.A./ Onex Elefsis Naval & Maritime S.A. president and CEO Panos Xenokostas.
Other signatories included the manager of the special purpose company holding a majority of demands and bad loans owed by the previous shipbuilding company, a representative of Greek lender Alpha Bank and even the elected representatives of workers of the shipyard.
“Today is a historic day… because where we are today (hall) is where the first agreement was signed two and a half years ago with the unforgettable Nikos Tavoularis (the now deceased former president of the shipyards) … from the beginning of that day and afterwards much time has passed until we reached the desired result. I’d like to make a particular reference to the workers of the shipyard, which never, even for a day, stopped trying to find a solution for the resumption of operation of the shipyard, and I want to thank them for this,” Georgiadis said, while also thanking Greece’s Hellenic Navy and particularly to the US administrations, whom he said offered their full backing for a major investment in the Greek economy, the east Mediterranean country’s defense sector and bilateral relations.
In his statements, Greek Defense Minister Nikos Panagiotopoulos said the development will have a major and positive impact for Greece’s domestic defense industry, given that decisions over the acquisition of new warships for the Hellenic Navy are pending.
The Elefsis Shipyards now figure as one of the conditions that the Greek government will set in any new naval shipbuilding programs, whereby some warships will be constructed there.
On his part, ONEX chief Xenokostas referred to the “rebirth” of the shipyard and resurrection of the entire shipbuilding and ship-repair sector in Greece, a country linked with the largest global ocean-going fleet in the world, as based on transport capacity.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Massive Wildfire Front North of Athens; Evacuations Continue](https://www.ot.gr/wp-content/uploads/2024/08/DSC_0559-600x399.jpg)
Massive Wildfire Front North of Athens; Evacuations Continue
Τhe conflagration in northeast Attica prefecture (greater Athens area) erupted instantaneously amid gusty winds near the township of Varnavas, before spreading south towards Mt. Penteli
![Greek Industrial Production Up by 9.5% in June 2024](https://www.ot.gr/wp-content/uploads/2024/08/industry.jpg)
Greek Industrial Production Up by 9.5% in June 2024
The Overall IPI in June 2023 decreased by 3.0% compared with the corresponding index in June 2022.
![Social Security Fund Employee Arrested for Demanding Bribe](https://www.ot.gr/wp-content/uploads/2024/08/cash-600x338.jpg)
Social Security Fund Employee Arrested for Demanding Bribe
Police said woman, 49, was nabbed 'red-handed' after receiving a folder filled with 4,000€, ostensibly to 'facilitate' the issuance of a disability pension
![Greek Road Tourism Booms, Eyeing Record 2024](https://www.ot.gr/wp-content/uploads/2024/08/gps-navigator-in-the-car-P3ACQVK-1-600x364.jpg)
Greek Road Tourism Booms, Eyeing Record 2024
The Kipoi (Kipi) border station recorded the highest absolute increase, with 457,000 arrivals, an increase of 115,000 or 33.5%.
![Greek Doctors Issue Safety Advice for Vacationers](https://www.ot.gr/wp-content/uploads/2024/08/shutterstock_1061985551-2048x1365-1-600x400.jpg)
Greek Doctors Issue Safety Advice for Vacationers
The Athens Medical Association offers tips to prevent accidents and health problems during the summer holidays.
![Deadline for Self-Employed Professionals to Register for Inter-Bank Payment System Pushed Back a Few Days](https://www.ot.gr/wp-content/uploads/2024/08/vat-2048x1536-1-600x450.jpg)
Deadline for Self-Employed Professionals to Register for Inter-Bank Payment System Pushed Back a Few Days
Greece’s independent tax bureau, AADE, announced the two-day deadline extension this week, given that the previous deadline of Aug. 31 fell on a Saturday
![Capital Economics: Greek GDP Boosted by Tourism](https://www.ot.gr/wp-content/uploads/2024/07/02tourismos10-600x375.jpg)
Capital Economics: Greek GDP Boosted by Tourism
The independent economic research business based in London appears reassuring regarding the effects of climate change on tourist activity.
![Int’l Students Will Soon Need ETIAS for Stays in Europe](https://www.ot.gr/wp-content/uploads/2024/08/shutterstock_620538449-2048x1365-1-600x400.jpg)
Int’l Students Will Soon Need ETIAS for Stays in Europe
Starting next year, foreign nationals planning to study in Europe will be required to present ETIAS approval for entry and short-term stays.
![Ice Cream in Greece Among Europe’s Costliest](https://www.ot.gr/wp-content/uploads/2024/08/ice-cream-@OT-600x400.jpg)
Ice Cream in Greece Among Europe’s Costliest
Ice cream in Greece is becoming a costly pleasure with a liter selling for at least 3.7 euros in 2023, among Europe's most expensive.
![Eurobank Completes Public Offer for Full Acquisition of Hellenic Bank](https://www.ot.gr/wp-content/uploads/2024/08/eurobank-1-600x373.jpg)
Eurobank Completes Public Offer for Full Acquisition of Hellenic Bank
Looking ahead, Eurobank aims to fully integrate Hellenic Bank’s accounting operations, with this process slated to begin in the third quarter of 2024.