Interior Ministry Bill Lays Out Plan for Hellenic Vehicles Industry Wind Down

Interior Ministry Bill Lays Out Plan for Hellenic Vehicles Industry Wind Down

Provisions regarding the liquidation of the Hellenic Vehicles Industry (ELVO) have been included in an amendment to an interior ministry bill on how EU citizens living in Greece shall vote in the European Parliament elections, the Athens News Agency-Macedonian Press Agency reported.

Under the amendment, ELVO will be subsidised by the Greek state during the entire liquidation period in order to allow for production to continue, the agency said. The subsidy expenditure, according to the State General Accounting office's report, is seen at 14 million euro and is expected to be offset fully by ELVO's auction value.

The subsidy will cover obligations to contractors of the company, the state, social insurance agencies, energy providers, and the special liquidator, and will cover the rest of the liquidation's expenditures and expenditures that are necessary for the completion of orders. The subsidy will be provided directly by the liquidator for the coverage of the debts and expenditures; it will not be included in the amount to be distributed to the creditors.

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