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Greece announces plans to restructure EAS, ELBO and Larco

The Greek government on Monday announced plans to restructure three loss-making public sector enterprises ahead of their privatization in 2014.

A government statement said that Greek authorities will seek the help of specialized independent advisors to proceed with a radical restructuring of Hellenic Defense Systems (EAS), Hellenic Vehicle Industry (ELBO) and Larco.

“With the help of advisors and in cooperation with the management and workers of these enterprises we will examine feasible restructuring plans,” the statement said, adding these plans were necessary for the enterprises to become viable ahead of their privatization in 2014 or/and facilitating the sale of part of their assets. “These plans must minimize these companies’ cost for Greek taxpayers and be compatible with EU regulations over state support”.

The government expects to reach final decisions on the issue by the end of August and to implement these plans by the end of the year.

Source: Athens News Agency

Last Updated Tuesday, 23 July 2013
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