Power utility PPC is making revisions to the previous administration’s securitization plan for unpaid receivables worth 1.5 billion euros.

Recently appointed PPC chief executive Giorgos Stassis and his team are taking cautious, slower steps, believing better preparation is needed for the two packages, respectively grouping unpaid receivables of up to 60 and 90 days. Investors are already showing signs of interest.

The initial plan, spearheaded by former PPC chief Manolis Panagiotakis, was planned to issue two packages in September.

Both packages are being developed concurrently, according to reliable enegrypress sources.

The power utility’s stricter handling of consumer debt generated by customers seen as capable but unwilling to settle their electricity bill arrears, combined with PPC’s new and revised installment-based payback plan, appear to be producing positive results for PPC’s cash flow.

If the securitization packages are to attract investor interest, participating funds will need to be convinced a substantial part of the debt owed is retrievable.

Pimco and CarVal Investors are among the funds believed to be expressing interest. Deutsche Bank is organizing the package for unpaid receivables up to 60 and Finacity the 90-day package. JP Morgan is also rumored to be involved in the procedure.