The main power utility PPC’s board is today expected to endorse a consortium headed by Qualco that was recently declared the winning bidder of an international tender offering a contract for specialized debt collection services concerning the utility PPC’s unpaid receivables, estimated at 2.5 billion euros.
According to sources, all offers submitted were within close range.
Finacity Corporation, IBM Hellas, Deutsche Bank London Branch, Estia Business Group, Deloitte Business Solutions, KPMG, Kapa Research, Nikolaos A. Andrikopoulos and Associates law firm, PWC, Alpha Bank, and Mellon also took part in the tender.
Qualco, the winning bidder, has been active in the debt collection services sector since 1998. To date, the firm has been commissioned by 70 customers in 15 countries.
According to the terms of the tender, announced last May, the consortium will need to prepare a detailed collection plan within two months of the contract’s date.
Over 1.5 million PPC customers are included on the utility’s unpaid receivables list. Qualco, which is expected to begin the hunt by focusing on 120,000 major-scale debtors, will receive commission fees based on customer categories and results.
For every 100 million euros collected from existing PPC customers, the firm will be paid an 8 percent commission, or 8 million euros. For total amounts of 10 million euros collected from customers owing up to 2,000 euros each, the collection firm will receive a 12 percent commission, or 1.2 million euros. For collections totaling 14 milion euros and concerning customers owing over 2,000 euros each, the firm stands to receive a 10 percent commission, or 1.4 million euros.