The rescue of five DEKOs with nearly 3 billion euros in debt, which is attributed to ENFIA taxpayers each year, is one of the bets the government has to win. The heavily indebted ELVO, DAC, Skaramanga Shipyards and LARCO are businesses that, if they had not been taxpayers' voluntary shareholders, would have long since paddled.
The ODA has had negative equity for the last three years and is moving out of budget targets, but no correction has been taken, so that even the payroll has not been taken for granted. LARCO, which sells nickel at low cost and survives by failing to pay PPC, has a debt of 600m euros, rising by 5.5m every month.
The ELTAs have a deficit of € 6 million each month and will need another 350 million from the government to fund a consolidation plan.
In the meantime, the ELTA rescue and rescue plan, which includes, among others, the removal of 1,500 “borrowing” employees, that is, employees hired through outsourced companies, encounters obstacles and reactions.
It has debts of over 500 million Euros and employs about 1,100 employees with an annual cost of 47 million Euros. Yesterday LARCO was at the center of political developments both because of opposition reactions and by workers who closed the Athens-Thessaloniki highway, with the government giving 12 months to find a solution. Otherwise, the amendment tabled would lead to bankruptcy. In addition to debts to PPC and other suppliers, the company has to present a balance sheet from 2014.
The company is threatened with a fine of 49.5m euros for failing to comply with verified greenhouse gas emission rights rules, while Piraeus Bank has canceled two bond loans with an outstanding balance of 32m euros, plus default interest. Worst of all, as stressed by Finance Minister Christos Staikouras, the company has a negative net worth of € 308m and debt rises by 5 to 5.5m every month. Minister of Environment and Energy Kostis Chatzidakis spoke on Topic 104.6 on the government's plan for LARCO.
Yesterday the government tabled an amendment granting exclusive use rights to the seaside and maritime space necessary for the operation of the yard. It also proceeds to settle arbitrary constructions and other property issues within shipyard facilities and to provide for a transitional fire protection framework under the special management of the company.
The third wound for the government, according to the finance minister, is ELVO. The government is moving ahead with the goal of completing the free trade process in the coming weeks. The aim is to sell at least 79% of the shares so that the Greek state holds 21%.
As far as the ODA is concerned, the company is preparing to suffer major losses for another year and, according to Mr. Staikouras, the Ministry of Finance has not activated the law, ie the implementation of corrective interventions agreed in a memorandum of cooperation between the ministry. Finance and ODA. The company has unpaid liabilities of € 58 million, including arrears of $ 54 million, and a refund of about € 6 million is still pending.