PPC signs deal for €200m loan to cover bond payment

The main power utility PPC has announced that it signed a 200 million-euro loan agreement yesterday with five Greek banks – National Bank, Alpha Bank, Eurobank, Piraeus Bank and Attica Bank.

PPC intends to use this amount, secured following long negotiations, to cover a 200 million-euro bond maturing in a few days time.

The power utility’s cash flow has been severely affected by a considerable unpaid receivables figure.

The PPC board is scheduled to meet this Thursday to endorse the loan agreement as well as various procedural matters concerning the split-and-sale plan for subsidiary IPTO, the power grid operator, now in progress.