The ONEX Group is in negotiations for the acquisition through the Bankruptcy Code of the Elefsina Shipyards Economy Ministry sources noted that the investor, Mr. Panos Xenokostas, of ONEX, controlled by the Syros Shipyards, is in negotiations with the Banks and the group of Nikos Tavoularis, who controls the parent company of the Elefsina Shipyards .
The same sources reported that Mr. Xenokostas is favored by the owner of the Elefsina Shipyards as the preferred investor. However, the same sources noted that any development on the “front” of the Elefsina Shipyards is linked to the completion of “some outstanding issues” for the acquisition of the Syros Shipyards. These “pending issues” have to do with the ministerial and administrative decisions that have to be made following the approval of the settlement plan of Neorion Syros by the Syros Court of First Instance. But because of the elections, the adoption of these decisions was postponed.
Yesterday meanwhile Mr. Xenokostas was at the Elefsina Shipyard and had contacts with the company’s employees. A move that was seen by the workers as a decision taken to transfer the Elefsina Shipyards to the control of ONEX.
If the negotiations between the parties involved are successful, the next step is the submission to the Court of First Instance of the plan for the consolidation of the Elefsina Shipyards, modeled on the consolidation plan of the Syros Shipyards. That is, “haircuts” of fines and surcharges for taxes and Insurance Fund dues and the adjustment of the remaining amount in over 120 installments. A model to be followed with debts to the Banks.
A few days ago, NEORION announced to the Stock Exchange that at the meeting of its Board of Directors held on May 31, it decided and approved the signing of a Private Agreement regarding the Expression of Interest for the acquisition by ONEX of the ELEFSIS SHIPYARDS, LLC after its validation of the relevant Resolution Plan by the competent Multimember Court of First Instance under section 106b and 106d of the Critical Code, part of the assets and liabilities of the subsidiary company ELEFSIS SHIPPING AND INDUSTRIAL ENTERPRISES SA
ONEX’s interest in Elefsina Shipyards is not new. As early as last fall, UNESCO Shipyards head Panos Xenocostas had handed over to the political leadership of the Ministry of Economy a letter expressing his interest in the Elefsis and Skaramangas yards.