Greece's Public Power Corp Mulls Securitising Overdue Bills

Greek utility Public Power Corp (PPC) is considering the securitisation of part of its backlog of unpaid bills, it said in a bourse filing on Thursday, as repayment looms next month on an existing bond, Reuters reported. Chief Executive Manolis Panagiotakis said in January that declining profit was making it harder to issue debt, but was confident PPC would repay a 350 million euro ($394 million) bond due in May. In a brief statement following a report in Ta Nea newspaper, the company said it was examining all available financing options in order to deal with overdue receivables. It said the securitisation, which would not involve an outright sale to third parties, was intended to enhance its liquidity profile as well as to recover money owed by what it termed strategic defaulters. It gave no further detail. Read more

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