Restructuring

A memorandum on launching a debt settlement program was signed on Monday.

It is aimed at "reducing insolvency, encouraging lending and promoting the bankruptcy legal framework and agreed financial restructuring."

By Dimitra Manifava

Greece?s fish-farming sector is expecting significant developments in the coming months as the deal between Nireus and its creditor banks, the completion of the restructuring process at Selonda and a possible agreement for Dias?s debt restructuring suggest that the sector will only have a future in Greece if that also includes mergers and acquisitions.

By Yiannis Papadoyiannis

Brussels plans to send a senior competition official to Greece later this month to meet with the heads of the country?s commercial banks and check on the progress of the lenders? restructuring plans.

BELGRADE - Governor of the National Bank of Serbia (NBS) Jorgovanka Tabakovic said on Friday that the proposed amendments to the Law on Banks would contribute to better protection of depositors and creditors of banks which are experiencing problems in their conduct of business while requiring minimum budget expenditures.

Listed company Hellenic Fishfarming SA announced that a Multi Member First Instance Court of Athens has rejected its restructuring plan, but the aquaculture company intends to appeal the regulator’s decision.

It added that it is still in search of viable solutions to continue its operations. [Reuters]

By Maria Petrakis

Josef Ackermann used his clout as head of Deutsche Bank AG to help save the euro by negotiating the biggest debt restructuring in history. Now, he's been tapped to resuscitate a victim of that deal.

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100 companies to go into bankruptcy, 50 to be privatized

BELGRADE -- The government will next week publish a list of over 100 companies under restructuring that will go into bankruptcy, Economy Minister Željko Sertić has said.

At the same time, a list of 50 others that will enter the process of privatization will be revealed, he added.

BELGRADE - The Serbian government will next week publish a list of over 100 companies under restructuring that will go into bankruptcy, and a list of 50 others that will enter the process of privatisation, Serbian Minister of Economy Zeljko Sertic said on Tuesday.

Greek banks remain burdened by large problem loan portfolios, despite boosting capital and progress with their integration and restructuring plans, Fitch Ratings has said.

The European Commission has approved National Bank of Greece's (NBG) restructuring plan, which includes reducing NBG's stake in Turkey's Finansbank .

NBG was one of Greece's big four banks that were rescued with state aid during the country's debt crisis. The Commission then reviewed NBG's business plan to see if it was in line with EU state aid rules.