Fears are mounting among ANEK’s employees, creditors and suppliers over the completion of its Attica Group bailout following indications that the Competition Commission will demand commitments from Attica that could change the economic logic of the deal, thereby excluding the largest Greek shipping company from the “agreement”. table”.

Evidence stemming not only from a recent statement by the Competition Commission stating a concentration that “raises serious doubts about compatibility with the requirements of the functioning of competition in individual markets and possible distortions in the market for the provision of maritime services”, but also from public statements or leaks from competing companies and in particular Minoan Lines and Seajets. And this is despite the fact that the two companies work together on the Crete and Adriatic lines, in fact, the only ones in which ANEK has been actively working since the summer of 2011.

Since the Competition Commission is likely to require commitments from Attica Group in mid-June, when the speakers’ work is completed, the shareholder exchange relationship between ANEK and Attica Group and, more importantly, the amount of loans and commitments to suppliers that Attica can take on itself, without risking being “contaminated” by the difficult financial situation of ANEK, sources in the bank, who are closely following the development of events, explain to “K”.

Simply put, the agreement reached last September calls for a payment of 80 million to mortgage lenders, incurring obligations to suppliers and mortgage lenders that have reached almost 50 million to date, and issuing 27.36 million Attica shares they value. about 70 million on the Athens Stock Exchange, the same sources explain.

However, if Attica is asked to fulfill obligations such as expropriation or cession of lines, the agreement will change dramatically and be at hand for the “rescuers”. Because, as they usually say in the port, “Attica offered to save ANEK, and not buy a healthy company, as was done in 2017 with Hellenic Seaways.”

Perhaps it is characteristic that since the conclusion of the agreement, the financial position of ANEK has deteriorated sharply: last year, ANEK recorded a decrease in profitability (EBITDA) to 0.4% against 4.7%, while the working capital of the company and the group remained negative and, in fact, -283.8 million and -272.8 million, respectively, while the equity of the company and the group was negative by -75 million and -61.4 million, respectively. At the same time, short-term liabilities of banks increased to 269.5 million, and liabilities to suppliers increased to 34.5 million.

The Attica Group’s bailout agreement for ANEK provides for a $200 million cash, stock and commitment payment to the latter. Attica Group management circles state to Cathimerini that “they will fully comply with their obligations until the terms and finances of the agreement are radically changed, i.e. if the principle of the bailout agreement is accepted by the Competition Commission or the bankrupt firm it is mentioned internationally – legally as it is.” In the event that excessive commitment is required from the Commission, bank sources estimate that “the financial figures on which the bailout agreement was based will change dramatically, and consequently the compensation provided by Attica, which has been described as brave by positioned circles.” .

In any case, to reinforce Attica Group’s commitment to completing the agreement, it is asking the banks to extend the deadline stipulated in the agreement with creditors from June 30 to December 31, to allow enough time to complete the process. with the committee, but also necessary corporate actions such as general meetings and so on.