Elefsis Shipyard: Privatization gets green light; Onex to reopen industrial unit


An Athens first instance court has 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.


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