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

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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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