Government presents plan for restructuring, selling LARCO

The Greek government on Monday presented a plan for the restructuring of LARCO, one of Europe's biggest nickel producers, by placing the mineral and metallurgical industry into a clearance management status which envisages cost and wage reductions, and an immediate launch of a tender for the selling of the factory and mines within 12 months.
Under the amendment tabled to Parliament, unless the whole process fails to be timely completed, the clearance manager will be obliged to apply for bankruptcy.

"The proposal we table today is the last chance for LARCO to remain alive as the present situation cannot be prolonged any further. We seek to maintain the company's healthy section and to sell it to a private investor. This will be done through a process which will be fast, legally solid, compatible with EU decisions and as mild as it can be for the workforce," Environment...