PPC gets initial approval for loan
Public Power Corporation has secured initial approval for a 200-millioneuro syndicated bond loan from the country’s main lenders, it said yesterday. Unpaid bills that have been growing since Greece imposed a bailout-subscribed property tax in 2012 have eaten into PPC’s profit and squeezed cash reserves. The new credit facility will be extended by National Bank, Piraeus Bank, Eurobank, Alpha Bank and Attica Bank and will help PPC repay several obligations due later in the year. PPC, which is 51 percent-owned by the state, has a 200-million-euro bond due at end-April. It also has several coupon payments totaling 340 million euros due by the end of the year. The banks
ATH-SIN. Scoot, the low-cost carrier owned by Singapore Airlines, yesterday announced that from June 20 it will start direct flights linking Athens with Singapore four times a week on Boeing 787-8 Dreamliners, offering connections to 39 other destinations. Tickets start from 180 euros.