Greek government tables Larco restructure, sale plan

The Greek government tabled a plan to restructure and subsequently sell the majority state-owned multi-metal company Larco, one of Europe’s largest ferro-nickel producers, on Monday February 10 amid ongoing failure to pay back debts or tackle environmental issues.

Greek authorities plan to place the mineral and metallurgical industry into a clearance management situation and immediately launch a tender for the sale of Larco’s factory and mines within 12 months.
“We believe that the plan will create the preconditions for a new investor to proceed with all necessary investments to modernize operations and return the company to growth,” Greece’s Environmental and Energy Minister Kostis Hatzidakis said.

But failure to complete the tender in the allotted time frame would result in the company’s bankruptcy, which has a 50-tonne-per-day or 18,000-20,000-tonnes-per-year ferro-nickel production capacity across several domestic mines and smelting plant that...

Published

Amy Hinton

February 11, 2020

10:20 GMT

London