Court accepts Onex’s plan for Neorion Shipyard


A court on Syros has finally ratified the streamlining plan for the Neorion Shipyard in Ermoupoli, the capital of the Cyclades. The verdict means the historic company is now officially under the control of Onex Syros Shipyards, owned by Greek American Panos Xenokostas.

The plan provides for the write-off of all interest, penalties and fines due to the Single Social Security Entity (EFKA) and the state, and the payment of the original debts in 280 installments. It also includes the reduction of obligations to banks and their payment in 30 installments, one every six months.

At the end of April Neorion’s debts amounted to 71.06 million euros, but following the above adjustments they have dropped to 66.8 million. Onex is undertaking debts of 2 million euros to Alpha Bank, 1.8 million to Piraeus Bank, 20.7 million to EFKA, 60 days’ wages to employees and 6.09 million euros to the state.

The Neorion Shipyard has been operating under the new management since last spring, in line with the transitional agreement between the new owner and the former, Nikolaos Tavoularis.