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30/03/2018

Shipyards - Special Administration

AKL acted for the consortium of key creditors, namely, Piraeus Bank S.A. and the Hellenic Republic,in proceedings to have the operator of the Skaramangas shipyards, a major domestic supplier of the Hellenic Armed Forces, placed under special receivership (Greek Law 4307/2014, the so-called “Dendias” law), on the backdrop of high-stakes arbitration proceedings and questions relating to the recovery of allegedly unlawful State Aid.

The court decision, issued in March 2018, placed the shipyards under special administration and initiated the statutory 12-month period for monetization of its assets. Amongst other matters, success of this uniquely demanding restructuring case hinges on a number of regulatory issues, including those relating to spatial planning, permitting and industrial licensing.