Athens court paves way for restructuring of Skaramangas shipyards

A decision by an Athens first-instance court that approved the appointment of a special administrator for the Skaramangas shipyards paved the way for the restructuring of the company, economy ministry officials said on Thursday.

The officials said that the ministry, and Deputy Economy Minister Stergios Pitsiorlas in particular, won a strategically important victory in the effort to plan the next day for the largest shipyard unit in the Eastern Mediterranean.

Pitsiorlas recently said that the special administrator will split the shipyard into two parts, one commercial and the other military, complete an asset evaluation conducted over a period of 12 months, before launching an international tender.

Cosco has already expressed interest in the fifth dock of the shipyard, while for the military section, the new investor must be from a western country and NATO member-state.