Progress in talks on Larco and ELVO, but not on EAS

Greece’s creditors now appear to be more flexible toward the government’s proposal concerning the restructuring of the Hellenic Vehicle Industry (ELVO) and Larco mining company, but there is still quite a distance between the positions of the two sides on Hellenic Defense Systems (EAS).

Larco will be sold through two parallel tenders in consecutive auctions.

ELVO will be restructured while operating and retain limited activity exclusively for the maintenance of the vehicles of the armed forces.

On EAS, however, the creditors have rejected Athens’s plan for its restructuring, saying it is not viable.