ECONOMY

After 42 years, shipyard files for protection from creditors

Neorion Holdings said that its subsidiary Elefsina shipyards filed for protection from its creditors after it faced liquidity problems, according to an Athens bourse filing on Thursday.

The shipyards will start talks with the Greek state and other creditors on a ?specific business plan and loan restructuring proposal,? the filing said.

The shipyards started operating in 1969 and cover an area of 250,000 square metres in Elefsina, west of Athens, according to the company?s website.

Neorion Holdings also operates a ship building unit on the island of Syros and is involved in real estate development.