ECONOMY

Hellenic Sugar asset sale to ease state firm’s debt

hellenic-sugar-asset-sale-to-ease-state-firm-s-debt

The Greek government expects to obtain some 50 million euros from the sale of factories in Serbia belonging the struggling Hellenic Sugar Industry and some of the state company’s other unused assets, in a bid to come to an arrangement regarding its 150-million-euro debt to Piraeus Bank.

Another 50 million will be written off and the remaining 50 million euros will be transformed into a new 10-year loan to Hellenic Sugar, Economy Minister Giorgos Stathakis told the Parliament in Athens on Thursday.

He reiterated the government’s aim to streamline the sugar company: “Our target is obvious: to continue cane sugar production in Greece at sustainable levels, and the Hellenic Sugar Industry will be a company that will have been streamlined and become capable of meeting this prospect,” the minister stated.