Out-of-court compromise mechanism for indebted companies to be launched in July
Speaking to reporters, during a news conference to present the draft bill -expected to be voted in Parliament by late April- Papadimitriou said the new legislation was expected to cover around 400,000 enterprises with large debts. He stressed that a plan for debt rescheduling will not focus only on the real data of a company's viability but also on the principle of avoiding a worsening of the positions of all parties, ensuring that a compromise agreement will be a win-win situation for all parties involved.
The Greek minister said that a Special Secretariat of Private Debt Management will launch an electronic platform in July accepting applications for inclusion in the provisions of an out-of-court compromise framework. He said that the mechanism will commit both minority and non-participating creditors if an agreement was ratified with a court decision.
Source: ana-mpa
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