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Liquidation of Hellenic Vehicles Industry (ELVO) set out in Interior ministry bill

Last update: 20:52


ANA-MPA -- Provisions regarding the Hellenic Vehicles Industry's (ELVO) liquidation process have been submitted in an amendment to the Interior ministry's bill setting out how EU citizens living in Greece shall vote in the European Parliament elections.


The amendment states that ELVO, part of the Greek defence industry, will be subsidised by the Greek state during the entire liquidation period to enable production - mostly concerning completion of the Greek Armed Forces' orders - to continue. The subsidy expenditure, according to the State General Accounting office's report, is assessed at 14 million euros and is expected to be offset fully by ELVO's auction value.


The subsidy will cover the following obligations: to contractors of the company; the state; social insurance agencies; energy providers; the special liquidator; and to cover the rest of the liquidation's expenditures and expenditures that are necessary for the completion of orders. The subsidy will be provided directly by the liquidator for the coverage of the debts and expenditures; it will not be included in the amount to be distributed to the creditors.


In terms of the Interior ministry bill, the real population of municipal districts in municipalities of over 100,000 inhabitants each will be based on the ratification of the 2011 census figures. Population that cannot be assigned to districts will be distributed among them proportionately.


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<h1>Liquidation of Hellenic Vehicles Industry (ELVO) set out in Interior ministry bill</h1>

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