An Athens first instance court on Thursday paved the way for the restructuring and reopening of the insolvent Elefsis Shipyards, west of Piraeus in western Attica prefecture, under a plan submitted by the ONEX group last November.
The plan was supported by all parties with a stake, such as the shipyards’ union, creditor banks and the Greek state.
In an announcement, ONEX, which owns and manages a smaller shipyard on the Cyclades island of Syros, said the court decision marks a new chapter for the shipyard and the entire shipbuilding and ship-repair sector in the east Mediterranean country.
ONEX added that it has already invested more than 20 million euros for the Elefsis yard.
Following the development, a bond loan worth USD 125 million, issued by US International Development Finance Corp. (DFC), will be granted to ONEX.
Highlights of the plan include:
- An immediate investment of USD 170 million in the shipyard.
- The safeguarding of all existing jobs (600).
- The payment of 41 million euros in outstanding debts to third parties and arrears to employees.
- A pledge to create 1,400 new jobs over the next three years, bringing the total workforce to 2,000.
- Estimated revenue of 1.1 billion euros for the Greek state over the next 25 years from direct and indirect taxes, as well as social insurance contributions.
- An addition boost for the local economy from an estimated 1.6 billion euros allocated to domestic suppliers and industrial units.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.
Greece’s Trade Deficit Surges by 18.7% in Nov. 2024
For the first 11 months of 2024, the total value of imports reached 77.3793 billion euros, a 1.9% rise compared to 75.9482 billion euros in the same period of 2023.
Installing EV Chargers in Your Building is Harder than You Think
So, you just bought an EV in Greece and can’t wait to set up a charger in your apartment building’s parking space? Not so fast—there are a few hurdles you’ll need to clear first.
Greece Announces Grants to Unemployed for New SMEs
Unemployed individuals seeking 12-month grants to fund the creation of new SMEs can apply online until January 21.
Port of Piraeus Reports Record-breaking Year for Cruise Sector
First cruise ship of the season, Viking Saturn, greeted at Greece's largest, busiest port
Greek Energy Minister Skylakakis Announces Subsidies to Mitigate Electricity Prices
“When prices exceed a certain threshold, we intervene,” said Skylakakis
Mitsotakis: Greece is a Beacon of Stability in an Unstable World
Greek Prime Minister Kyriakos Mitsotakis described Greece as a "beacon of stability in an unstable world" following the Epiphany water blessing ceremony at Dexameni Square in Athens.
The Life of Former Prime Minister Kostas Simitis
Former Minister Kostas Simitis played a defining role in shaping Greece’s economic and political landscape at the turn of the millennium
Four Days of National Mourning for Passing of Kostas Simitis
Four days of national mourning have been declared for the death of former Prime Minister Kostas Simitis
Former Greek Prime Minister Kostas Simitis Dies at 88
Kostas Simitis, Greece’s former Prime Minister, died this morning, January 5, at the age of 88.
