Ellaktor in talks with systemic banks over loan restructuring

Friday, 12 July 2019 11:33
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By T. Igoumenidi

The Ellaktor construction company is in negotiations with all four of Greece's systemic banks to restructure its loan portfolio, with top management briefing shareholders at Thursday general assembly.

Ellaktor President Giorgos Provopoulos and CEO Anastasios Kallitsantsis detailed the steps taken so far, and since the Kallitsantsis brothers acquired control of the multinational construction contractor last year.

New CFO Emmanuel Christeas told shareholders that the intent is to restructure loan obligations until at least 2026. In response to questions over a possible bond issue, Ellaktor executives said the prospect is not ruled out, but is not currently part of short-term planning.

Ellaktor has loan servicing obligations, as of end of 2018, reaching 1.416 billion euros, compared to 1.386 billion euros at the end of 2017.

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