By K. Deligiannis
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Public Power Corp. (PPC), Greece's dominant electricity utility, has given a Dec. 17 deadline to Halyvourgiki, the biggest steel mill in the country, to begin covering its arrears, which now reach 31.8 million euros.
According to reports, PPC has already ordered a suspension of its power supply to Larco, a state-owned and perpetually loss-making mining and metallurgical concern in south-central Greece. The latter company appears to owe PPC a stratospheric 280 million euros, with Larco's board now seeking a court injunction to avoid its power being cut.
The state owns a majority stake in both enterprises, and the government in power has the right to appoint members of the board of directors.
According to the ATHEX-listed power utility, Halyvourgiki CEO Giorgos Skindilas on Tuesday promised to convey to PPC "serious proposals" to cover arrears by Monday - a pledge that bought the industrial unit more time until Dec. 17.