The request for ratification of the consolidation agreement of the Hellenic Steel Company with its creditors was discussed on Wednesday in the Multi-Member Court of First Instance of Athens. The main provision of the agreement concerns the haircut of claims of a nominal value of 53 million euros of HIG, through which passes the factory of Aspropyrgos, where the American fund intends to create a logistics center.
As for the consolidation plan discussed in the Court of First Instance, it is endorsed by creditors representing 75.8% of the total receivables and 99.9% of the secured ones and mainly by CEPAL and HIG Capital. Liabilities to CEPAL, which come from Alpha Bank and are estimated at 170 million euros, are settled in full.
With the agreement, the ratification of which is expected in the coming months, the operation of the Hellenic Steel plant in Volos will continue normally and with sustainable conditions.
According to information, moreover, the Hellenic Steel Company was acquitted in court in the case of the dispute it has with PPC, which, however, intervened in the discussion in the Court of First Instance, as according to the agreement, its claims are to be reduced. In any case, PPC is determined to exhaust the legal means in order to claim claims which it estimates at 80 million euros.
Ch. Floudopoulos
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Source From: Capital
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