State, creditors still await binding offer for Elefsina shipyard, 3 months after non-binding offer

Monday, 22 April 2019 19:27
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By A. Tsimplakis

Three months have passed since a consortium comprised of Inter-M Traders and Sogem Holdings submitted a non-binding bid to KPMG for assumption of the management of Greece’s second biggest shipyard.

The non-binding bid was submitted on Jan. 21 for the Elefsina shipyard, via article 106 of Greece’s bankruptcy code.

Nevertheless, the Greek state and the shipyard’s creditors have not received a binding offer since then from the mostly Cyprus-based consortium, as repeated deferments have been requested and granted.

Delays in the payment of monthly wages by the Hellenic Navy, as the shipyard is now mostly involved in warship construction and repair, caused roughly 100 workers to arrive in Athens last week for talks with the government.

Government officials, however, apparently did not directly answer a question, placed by workers’ representatives, over whether a 90-million-euro offer covers the state’s and other creditors’ demands, as an initial estimate pointed to a minimum offer of 120 million euros.

Additionally, the consortium must still submit a proof of funds guarantee by a major commercial bank, meeting or exceeding the purchase price and obligatory investments. 

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