Greece Unveils Plans to Restructure EAS, ELBO, Larco
Thursday, 01 January 1970
The Greek government unveiled plans to restructure three loss-making public sector enterprises ahead of their privatization in 2014, the Athens News Agency reported.
The authorities will seek the help of specialized independent advisors to proceed with a radical restructuring of Hellenic Defense Systems (EAS), Hellenic Vehicle Industry (ELBO) and Larco, the government said in a statement, as quoted by the news agency.
“With the help of advisors and in cooperation with the management and workers of these enterprises we will examine feasible restructuring plans,” the statement said, adding these plans were necessary for the enterprises to become viable ahead of their privatization in 2014 or/and facilitating the sale of part of their assets. “These plans must minimize these companies’ cost for Greek taxpayers and be compatible with EU regulations over state support”.
The government expects to take a final decisions on the issue by the end of August and to carry out these plans by the end of the year, the news agency said.