Debt restructuring mechanism begins operations in August 3
An electronic platform of an out-of-court mechanism to restructure corporate debt begins operations in August 3 and the first debt restructuring deals for companies with debts up to 2.0 million euros are expected by the end of the year.
Economy and Development Minister Dimitris Papadimitriou said that the system will perform two major upgrades in cooperation with systemic banks, government agencies and the Taxis system.
With completion of the first upgrade, in August, the system will incorporate all data of debtors from the Independent Public Revenue Authority, while new upgrades in October will enhance the system with an analytical report of debtors' debts.
The Greek minister said that the Labour ministry has been interconnected with the electronic platform and stressed that upgrades would not prevent companies from registering their data on an electronic form. The ministry will also launch a series of seminars and a user information desk.
Private Debt Management special secretary Fotis Kourmousis said that the first debt restructuring deals for companies with debts up to 2.0 million euros were expected by the end of the year.
Kourmousis said procedures for this category of debt will not exceed two months, while for larger companies more time would be needed. «We say to everyone, start quickly to have a restructuring of your debt the soonest possible», Kourmousis said, adding that around 150,000 companies have debts to banks, while 400,000 companies have debts to banks and the state.
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