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Neorion Shipyard Faces Seizure Due to Debts

Greece’s Secretary of Public Revenue Harry Theocharis has taken the unilateral decision to apply for the seizure by a third party of Neorion shipyard on the island of Syros, ignoring moves by the Navy and the Greek government to save the ailing port. The yard had recently signed business deals to repair twelve ships and naval tanker.
The Greek Navy tried to help Neorion Shipyards to stand on its feet, offering as many jobs as possible. Employees had a chance to start being positive again, after a really long time in the doldrums. Their hopes vanished however, when Theocharis applied for a seizure due to the yard’s debts.
The yards are already out of business and all deals are cancelled. No income means no way for Neorion to pay its debts.
The Greek governent has not approved Theocharis’ decision but it remains to be seen whether or not it will take actions to protect Neorion yards from closure.

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