Greek authorities will liquidate majority-state-owned multi-metal miner Larco, one of Europe's largest ferro-nickel producers, before selling off assets to investors, the country's energy minister Kostis Hatzidakis said on Monday January 27.
The company has been in difficulty for some 35 years and is currently one of the worst-performing in Greece, with debts totalling in excess of ?,?400 million while also lacking the appropriate environmental licenses, Hatzidakis said.Liquidation is the latest misfortune to hit the embattled company, with the European Commission announcing in November 2019 that it would take 55% shareholder...