Bankruptcy

Debtors to lease back their homes

The new bankruptcy code will provide for the main residences of bankrupt borrowers considered financially vulnerable to be transferred to a state entity and leased back to the original owners. This will replace the existing framework for the protection of debtors' main residence from repossession.

Bankruptcy reform due this summer

The Finance Ministry is about to complete the drafting of the new bankruptcy code that will allow for the speedy bankruptcy of households as well as businesses. The bill will allow them to be relieved of their debts, offering them a second chance once their entire set of assets has been liquidated.

The last chance

The problem with the so-called "troubled" state-owned companies is not so much economic in nature as it is political.

The government is trying to break the vicious cycle created by the absurdity of clientelism and restore some semblance of sound economic reality to these companies.

Government presents plan for restructuring, selling LARCO

The Greek government on Monday presented a plan for the restructuring of LARCO, one of Europe's biggest nickel producers, by placing the mineral and metallurgical industry into a clearance management status which envisages cost and wage reductions, and an immediate launch of a tender for the selling of the factory and mines within 12 months.

Incentives for the merger of companies with bad loans

The new bankruptcy law that the government is working on will offer incentives for the merger of companies that have nonperforming corporate loans entering a restructuring process, according to sources. The aim is to have the bill voted into law by the end of April, in line with the country's pledges in the process of the post-bailout enhanced surveillance.

Euromedica files for protection

The new management of Euromedica has filed for protection from creditors under the bankruptcy law.

The listed firm is planning to start a streamlining process with the entry of a strategic investor and the restructuring of obligations adding up to 500 million euros.

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