An Athens Court of First Instance on Thursday approved the restructuring plan for Elefsis Shipyards submitted by ONEX Group last November.

The restructuring plan was supported by all interested parties, workers in the shipyard, banks, the Greek state and the Greek government.

In an announcement, ONEX said the court decision signalled the official opening of a new chapter for the Greek shipyard and the dynamic restart of the domestic shipyard and repair industry on which ONEX has already invested more than 20 million euros. 

Following the court decision, the proceeds from a bond loan worth 125 million US dollars, issued by DFC, will be disbursed to ONEX.