BUSINESS

Pillarstone to tackle debts of Notos, Kallimanis

EVGENIA TZORTZI

TAGS: Banking, Business

Pillarstone, the European platform set up by US private equity firm KKR, is in advanced talks with creditor banks regarding the restructuring of the Notos Com Holdings group and frozen seafood company Kallimanis.

The debt management firm will provide the funds needed for the restructuring of the two enterprises’ debts and will take an active role in managing the companies too.

The two agreements are expected to be approved by the governing boards of the banks early next month.

According to its financial report for 2015, Notos Com Holdings had total borrowing of 145 million euros, while Kallimanis has borrowed 59 million.

Pillarstone has selected these two enterprises based on sustainability criteria, as its involvement is aimed at the restructuring of their loans and their business model.

Sources say the international investment platform has scrutinized about 30 Greek enterprises and after a long examination of the Greek market is expected to become much more active from the end of this year. It has already undertaken the restructuring of the debts of FAMAR, the pharmaceuticals subsidiary of Marinopoulos.

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