Hellenic Sugar Industry SA or HSI is a sugar producer in Greece. In Greek is known as "Ελληνική Βιομηχανία Ζάχαρης" or "
Company type | State owned |
---|---|
Industry | Food and beverages, manufacturing |
Founded | 1960 |
Headquarters | , |
Products | Sugar, animal feed. |
€147.6 million (2009) | |
Website | www.ebz.gr (in Greek) |
Due to financial difficulties experienced during the crisis[clarification needed] the board of directors was planning to sell the two factories in Serbia in order to compensate for the rising debt, but eventually this plan was called off.[1] In 2018, HSI's liabilities had risen to €246,6 million. During the crisis, under the face of cumulative burden and negative equity to request protection from creditors[2] HSI is currently under the management of special liquidator PQH, which has already held three failed tenders to sell it.[3] In an effort to tackle high costs, the Greek state tried to switch production of expensive sugarcane producers towards cheaper sellers, while subsidizing those who introduce cheaper methods of sugarcane agriculture.[4]
At the moment,[when?] Piraeus Bank, which is the biggest creditor of HSI, is pressuring the state to sell HSI in order to restructure its debt.,[5] with potential investor being the Innovation Brain Fund.[6]
References
edit- ^ "Hellenic Sugar Industry calls off sale of factories in Serbia - report". seenews.com. Retrieved 8 June 2019.
- ^ "Reports: Hellenic Sugar Industry to file for bankruptcy protection by Fri. - naftemporiki.gr". www.naftemporiki.gr. 27 March 2019. Retrieved 8 June 2019.
- ^ "Hellenic Sugar wins protection from creditors, as talks go on, Ilias Bellos - Kathimerini". www.ekathimerini.com. Retrieved 8 June 2019.
- ^ "State to finance payment of Hellenic Sugar dues - Kathimerini". www.ekathimerini.com. Retrieved 8 June 2019.
- ^ "Charitsis calls on Piraeus Bank to honor Hellenic Sugar Industry obligations". 28 December 2017. Archived from the original on 8 June 2019. Retrieved 8 June 2019.
- ^ "Innovation Brain confirms interest for Hellenic Sugar Industry". www.amna.gr. Retrieved 8 June 2019.