PPC source denies reports company will hire collecting agency to claim debts

Greek power utility PPC will not hire a collecting agency to pursue payments of debts owed to the company, PPC sources told the Athens-Macedonian News Agency on Wednesday, responding to relevant press reports.

“We will not hire a collection agency to collect overdue debts to the company but we will hire an advisor to help the collection procedure,” the source said, adding that the company will use the method of securitization to improve its liquidity, selling the securities to third parties.

Speaking earlier before the parliament’s Production and Trade Committee, PPC chief executive Manolis Panagiotakis presented data on the company’s unpaid bills and informed lawmakers that the company is planning to hire a company specializing in debt collection.

“The collection of overdue debts is a continuous struggle. We believe these policies facilitating payments have reached their limits. Therefore we decided to proceed with more decisive methods. We will hire a company which has more specialization in debt collection, with international experience, which has its own software that analyze the situation of every customer […] and we believe collectability may increase by more than 10 percent,” he said.