In the next few weeks, the decision of the competent court to recognize the agreement as valid is expected. consolidation of Elefsina shipyards with strategic investor ONEX Shipyards and financing of about $125 million from the US state development bank DFC. In particular, the Board of Directors of the Development Bank USA (US International Development Finance Corporation – DFC) has completed approval procedures for US$125 million financing through loan guarantees to ONEX shipyards for shipyard consolidation. Elefsina, as US Ambassador to Greece George Tsunis said yesterday. It is noted that the amount is increased by $23 million in relation to the original funding plan of $102 million. The final approval rests with Congresshowever, given the approval of the DFC board of directors, it is considered to be largely impaired.

The announcements were made during an event dedicated to the presentation of yet another Greek-American collaboration and, in particular, the signing of a memorandum of understanding between Cisco and ONEX for digital transformation infrastructure and operating systems of the Elefsina shipyard.

Elefsina Shipyards and ONEX were also selected by the Italian shipbuilding group Fincantieri, which also works with the US military. In particular, in their joint statement a year ago, they stated that “the two groups are considering the possibility of jointly developing shipbuilding and ship repair projects, most of which will be carried out in Greece, in particular at the ONEX Elefsis Shipyards, which will be aimed at the international market beyond Greece, with an emphasis on the submission of an official proposal to the Greek government by Fincantieri SpA on the joint implementation of the program for the purchase of new Navy corvettes at the ONEX Elefsis Shipyards – with investments in the creation of a technological line for the universal construction of ships of this class.

Adonis Georgiadis, Minister of Development and Investment, also commented on the approval of the DFC’s $125 million funding by the Board of Directors, noting that “Now all that remains is the approval of the plan by our competent court on the basis of our bankruptcy law and the revival of Shipyards is definitely beginning.”

Shipyards Elefsina are trying to win back with strategic investor ONEX through bankruptcy law, as they are saddled with liabilities amounting to 423.3 million euros, according to a two-year-old statement on the recognition of the reorganization agreement. The share of liabilities to tax and insurance funds exceeded 104 million, to banks – 117 million, and another 200 million accounted for liabilities to the fleet. Elefsina Shipyards was founded in 1968 by businessman Stratis Andreadis. Throughout their history, they built new ships, remodeled, repaired, and also built industrial facilities, as well as building warships, especially missile, support and transport ships, as well as tankers.