By L. Karageorgos
[email protected]
Negotiations over the past year between the MIG investment fund and Fortress over the sale of a controlling stake in Attica Group, a major coastal shipping operator in Greece owned by the former, have concluded without an agreement.
By all accounts, MIG will proceed with a tender process to sell the ferry boat operator, similar to the one employed to sell-off the Hygeia hospital and affiliated facilities in Athens, a transaction that yielded 204.4 million euros for MIG. The sale's proceeds will reportedly be used to slice off MIG's bank borrowing.
Fortress remains Attica Group's primary lender, with an agreement to transform a bond loan into corresponding share capital still intact.
