A multi-justice first instance court in the northern city of Thessaloniki on Monday postponed a hearing on a petition by Hellenic Steel for protection from creditors, under chapters 106b and 106d of Greece’s bankruptcy code, for Jan. 29, 2018, naftemporiki.gr reports.
The development follows after the coalition government officially informed the court of interest by an investor in acquiring the troubled steel mill, with the request made by a representative of the social security umbrella fund, EFKA.
Although not officially named by the government, reports point to interest by Jordan International, a previous customer of Hellenic Steel. The former founded in October a subsidiary in Luxembourg, Hellenic Steel Acquisition Co. SARL, that is the plenipotentiary of Jordan International.
On Monday, a representative of Hellenic Steel’s majority shareholder, ILVA, requested that the motion be heard, revealing a prospective investor is awaiting the company’s court-ordered protection from creditors.
Gruppo ILVA itself was recently purchased by the multinational ArcelorMittal Group.
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Photo Source: hellenicsteel.eu
