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.
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