The main power utility PPC faces a high-pressure period over the next two months to split lignite-fired power stations and mines from the corporation’s body in preparation for a bailout-required sale representing 40 percent of its lignite capacity.
PPC is scheduled to launch the split process today and finalize all details by June 26, according to information obtained by energypress.
However, it remains unclear if the PPC board, headed by CEO Manolis Panagiotakis (photo), will be able to meet today to endorse the schedule as Genop, the utility’s main union, occupied the company offices last night.
PPC has commissioned PWC Business Solutions for consulting services, HSBC as a financial adviser, DLA Piper UK as a legal consultant and SOL SA for accounting services. Their appointments still need to be endorsed by the PPC board. KPMG has been selected as the procedure’s monitoring trustee for the European Commission.
The Capital Market Commission and Athens bourse will need to be officially informed of the details concerning PPC’s lignite units sale plan.
The PPC board will need to endorse the sale’s terms on May 23, according to the schedule.
An international tender, to offer units divided into two PPC subsidiaries, is scheduled to be offically announced on May 31.
PPC creditors, including banks, will have between May 25 and June 26 to express any objections to the sale plan or its procedure.
A PPC general shareholders’ meeting has been scheduled for June 26 for final approval of the split plan as well as the company statutes and boards of the two subsidiaries.