Monday , June 14 2021

PPC … pulls out large-volume industries

O printed version

Without Kostas Deligiannis
[email protected]

In increasing movements that will prevent the expansion of debt further by industry, which is systematically inconsistent in paying their obligations, PPC is determined to move forward. Therefore, as customers of high voltage customers move to 380 million euros and industrial customers with a medium voltage to another 155 million, the company is ready to employ all legal "tools" – from leaving the court to the electrification intervention – to stop its financial "bleeding".

More specifically, at the beginning of last month, the company terminated the consecutive extensions to the Halyvourgiki debt settlement, which is currently forecasting to reach EUR 31.4 million, with the start of giving a maximum power supply to & # 39 ; the industry by sending it to the Independent Electricity Transfer Operator (UMTS) of a statement to raise its representation.

However, according to information, the company probably does not stop the electricity supply alone, as it investigates all legal steps that it can take against Halyvourgiki to protect it financial benefits, for example for issuing a debt payment order.

At the same time, the PPC also assaults the UMHD, which has not stopped electricization industry so far, and debt continues to increase daily. In fact, for this purpose, he has already sent an unusual command to the Operator, while he feels he even considers legal action against the UDHR claiming compensation for the damage of the he has suffered.

The order to eliminate Halyvourgiki's representation came in early October after the latest 30-day period ended, and the PPC reported according to a August report on a debt settlement. Although the industry had returned in October asking for a new time limit by the beginning of 2019, he refused to pay part of the debt, as the PPC asked, and the last thing would have to go on with & The application to withdraw representation.

Earlier in June, the PPC's six-month deadline for Halyvourgiki for the first half of 2018 had expired, receiving the industry application at the beginning of the year for a six month race to # 39 ; w complete negotiations with creditors banks based on the business plan submitted to them.

Prior to 2018 and by 2015, PPC said successive extensions to Halyvourgiki after several rounds of negotiations to settle debts or to pay part of it. However, instead of restriction or even suspension, debts were returned over the same period, with today reaching 31.4 million, compared to 5 million in 2015.

However, the change of PPC tactics towards Halyvourgiki does not appear to be an isolated cause, as the company estimates that tolerance margins have been eliminated for all industrial customers.
As is known, the largest share of debt comes from LARCO, currently with a total of EUR 285 million. However, other high debt debtors reach EUR 100 million (including 31.4 million Halyvourgiki). In addition, industrial customers in the middle tendency account for 155m euros.

Although LARCO is the largest industrial debtor, this is also the most complex case, given that PPC participates with 11.4% of the share capital of the industry, as well as a Greek State with 55.2%, through & TAIFA. However, the PPC came back with a restart in the industry in October, after the first one that was sent in the spring, warning electric cuts in case it will still accumulate debts. Moving it seems to anticipate the company's tightening towards any industry "strategic bad employer".

In terms of Halyvourgiki, the PPC movement to raise its representation is the latest development of the lower spinning in its course since 2012, when the steelworks were closed at the Elefsina plantation. Today, the company employs around 170 employees, who work in a rotation, while negotiations with banks on the submitted restructuring plan are "frozen" until that the legal dispute between the great shareholder Konstantinos Angelopoulos and children, Panagiotis and George Aggelopoulos, for the company's brain.

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