Elefsina Shipyards consolidation under way, says Development & Investments Ministry

Elefsina Shipyards consolidation under way, says Development & Investments Ministry

The consolidation and transfer of ownership of Elefsina shipyards was discussed on Thursday by Development & Investments Minister Adonis Georgiadis and Deputy Minister Nikos Papathanasis with Chairman of Neorion Holdings SA's board of directors Nikos Tavoularis and President & CEO at Onex SA & Onex Technologies Inc (NY,USA) Panos Xenokostas.

According to a ministry announcement, it was agreed that the shipyards' consolidation will be carried out through its liquidation under article 106 of the Bankruptcy Code. To this effect, Neorion SA's shares in Elefsina Shipyards will be transferred to Onex for the symbolic price of one (1) euro and the agreement will then be ratified by the relevant court.

All parties also agreed that other shareholders will be informed immediately of this agreement, so that the transfer of 51 pct of shares can be completed as required by the agreement.

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