A significant but bankrupt wood processor in northeast Greece finally found a new owner and investor on Thursday, with a successful auction completed after several years of delay and three previous null and void sell-offs.
The winning bid for the Shelman plant near the city of Komotini reached 5.77 million euros, marginally above the minimum requested offer of 5.769 million euros. The latter was 55 percent lower than the price set in the first such auction last July, i.e. 12.82 million euros.
The new owner, which was not initially announced, must re-open the plant for at least three years after the transaction is finalized, a period that does not include preparatory actions dealing with the successful auction, and which cannot exceed a year.
The new owner must, according to conditions of the auction, rehire 30 percent of the previous workforce at the time it ceased operation, and with a wage scale not less than foreseen in a collective bargaining agreement for each specialization.
Conversely, eligible former employees will have 20 days to accept an offer for rehiring once they receive such a notification.
Given the plant’s location in a border region (Rhodope prefecture), only individuals or legal entities with an EU citizenship or based in a EU member-state or European Free Trade Association member, respectively, would participate in the auction.
Latest News
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%