Onex Elefsis Shipyards is to invest up to $400m over a 15-year period to acquire fellow Greek firm Elfesina Shipyards while financing its operations.

The transaction will be conducted in line with Greek bankruptcy law along with a rehabilitation plan, which is expected to be approved by domestic courts within three to six months.

Onex Elefsis Shipyards has secured the backing of US investment firm Chatsworth Securities for the deal.

The New York-based company has agreed to invest in Elefsina Shipyards and become its institutional credit partner.

Chatsworth managing partner and co-founder Ralph Di Fiore said: “This is a very important cooperation for our group. By joining Onex Elefsis Shipyards with an economic stake in the company, our commitment [to] its success is paramount.

“Onex Shipyards is a very successful group which transforms bankrupted and closed shipyards by creating international competitive advantages, by creating new well-paid jobs and by improving services that are above industry’s standards through innovation, speed and quality.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Onex is working with Greece’s government and creditors with alternative plans to restart the shipyard’s operations. It is examining how the same process was used by another company of the ONEX Group with Neorion Syros Shipyards.

ONEX Shipyards founder and CEO said: “I have a vision to create a global brand that will enhance the business prospects and reputation of Greece as a destination for shipping services and we are very excited for the future.

“Our job is to recreate Greek shipyards that were in decline for decades. That is ‘Phase I’ in our plans. We started from Neorion in Syros and we continue with Elefsina.

“Neorion was a game-changer in the industry. We are very proud for our Shipyards’ workers, technicians, engineers and experts who are working hard and smart to make our Shipyards the first choice of excellence to global ship-owners.”