PPC must find 200 mln eu­ros by end-April

Kathimerini English - - Focus - CHRYSSA LIAGGOU

Just as theGreek gov­ern­ment is ne­go­ti­at­ing with its cred­i­tors about the fu­ture of the Pub­lic Power Cor­po­ra­tion, PPC is tee­ter­ing on the brink of fi­nan­cial col­lapse, as its liq­uid­ity shrinks by the day and new fi­nanc­ing of 200 mil­lion eu­ros that the power gi­ant is ne­go­ti­at­ing with the banks has not yet been se­cured.

In end-April, mean­while, PPC will have to pay off one more bond worth 200 mil­lion eu­ros, hav­ing al­ready re­paid another of the same value on Fe­bru­ary 28. If the banks do not ap­prove the new loan by that date, the com­pany will be forced to try avert­ing a de­fault by with­hold­ing funds from the elec­tric­ity mar­ket, hav­ing al­ready loaded it with un­paid debts in ex­cess of 800 mil­lion eu­ros.

In a bid to tackle its liq­uid­ity prob­lem, the man­age­ment of PPC is pri­or­i­tiz­ing the pay­ment of its obli­ga­tions. Un­paid debts to con­trac­tors have al­ready reached 900 mil­lion eu­ros, while the cor­po­ra­tion also owes some 700 mil­lion eu­ros to its sub­sidiaries, the Hel­lenic Elec­tric­ity Dis­tri­bu­tion Net­work Op­er­a­tor (DEDDIE) and the In­de­pen­dent Power Trans­mis­sion Op­er­a­tor (ADMIE).

At the same time, un­paid elec­tric­ity bills are adding up to around 2.6 bil­lion eu­ros.

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