Roughly €50m are expected from the sale of factories in Serbia and some other unused assets that belong to the struggling Hellenic Sugar Industry (HSI). HSI, belongs to the Greek state and the sales are part of a proposed arrangement regarding its €150m debt to Piraeus Bank.
Under the deal, €50m in debt should be written off, with another €50m to be transferred into a new 10-year loan to Hellenic Sugar, according to Economy Minister Giorgos Stathakis.
He stressed that the government’s aim is to streamline HIS. “Our target is obvious,” he said. “To continue cane sugar production in Greece at sustainable levels, and the Hellenic Sugar Industry will be a company that will have been streamlined and become capable of meeting this goal.”
