US Congress approves funding for Elefsis Shipyards

The US Congress has approved financing through borrowing for ONEX Shipyards to carry out the consolidation plan for Elefsis Shipyards.

The US International Development Finance Corporation (DFC), America's development bank, will provide the amount of $125 million.

This financing will be the first so far from DFC for Greece.

The DFC Board of Directors completed all internal procedures for the approval of the financing in mid-May.

ONEX has filed an application for the validation of the resolution agreement with the competent court, which has been discussed and a decision is expected.

The shipyards at Elefsina are attempting to be restructured with strategic investor ONEX through the bankruptcy law, as according to the data of the application for the validation of the reorganization agreement two years ago, they were burdened with liabilities of 423.3...