Elefsis Shipyards obligations higher than thought

The sale process for Elefsis Shipyards is getting more complicated and is set to last a few more months, until the application for the ratification of the streamlining agreement with ONEX, the strategic investor.

Ernst & Young, which has drafted the business plan for the streamlining of the shipyards, identified obligations of 420 million euros during the due diligence process, which is considerably higher than the original estimate of €270-300 million.

Therefore the plan requires the shipyards to undertake a significant share of the arms program of the Hellenic Navy, which is set to be assessed by the state.