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Greece to start Liquidation Process for Nickel Producer Larco-The 21st China(Guangzhou) Die-casting, Foundry & Industry Furnace Exhibition
3/3/2020 壓鑄展-鑄造展- Die-casting expo-foundry expo |
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Greece plans to liquidate Larco, one of Europe’s biggest nickel producers which is struggling under heavy debt and then look for an investor for some of the company’s assets. Energy Minister Kostis Hatzidakis said “Greece will start a liquidation process for Larco in the coming days before putting up for sale a smelting plant and some of its mines in two separate chunks. Larco is the most troubled company in Greece right know and the situation has been dragging on for 35 years. We are determined to go ahead with its overhaul.”
Larco owes 340 million euros in unpaid bills to Greek power utility Public Power Corp, has no environmental licensing and needs to pay 50 million euros in fines for environmental violations
The European Commission said in November it was taking Greece to the European Court of Justice over its failure to recover 135.8 million euros of illegal state aid to Larco. The ECJ ruled in 2017 that Greece needed to recover the money, based on a Commission decision in 2014 related to capital injections and state guarantees.
Greece owns 55 percent of Larco, National Bank of Greece 33.4 percent and PPC the rest. Larco employs about 1,000 people in Greece.
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