Plan tabled for streamlining of Neorio shipyard


Onex, the company owned by Panayiotis Xenocostas, has submitted to a Syros court plans for streamlining Neorio Shipyards on the Cycladic island, with the date of examination set for September 6.

The plan Onex presented on Friday provides for the payment of 14.3 million euros via a share capital increase of Neorio, and the realization of investments worth 29.8 million euros within 25 years. It also includes the transfer of part of the company’s assets and obligations to a new company called Onex Shipyards of Syros.

The streamlining plan provides for the write-off of 100 percent of interest, fines and penalties due to the Single Social Security Entity (EFKA) and the state, and the repayment of the remaining dues in 280 monthly installments. It further incorporates a proposal for a haircut to debts to banks, an interest rate ranging from 3.2 to 5 percent, depending on the crediting institution, and the pay-off of the original debt in 30 tranches, one every six months, as well as a haircut of debts to non-substantial suppliers.

Onex Shipyards of Syros will also receive properties and various other assets such as equipment and vessels, as well as stock and administrative permits.

What will not be transferred to the new company is the contracts of the former employees of the old company, its clientele, its logo, its cash reserves, other companies’ dues to it and the debt of 2.12 million euros to the state.