Greek banks appear to have found a way to restructure dairy company Mevgal, which is currently unable to repay its large loans, and to possibly help the northern Greek firm to survive. Mevgals management will be taken on by two investment funds that could be awarded a performance-related bonus, while the companys existing loans will be granted an extension.
Depending on the investment funds management of the company, they will collect success fees, or a bonus based on Mevgals performance. This is a novel system by Greek business standards and forms part of the general mentality prevailing now among local banks: It favors the most efficient and swift management of nonperforming loans, as dictated by the financial climate, via the profoun…
Read the full article at: http://www.ekathimerini.com/206411/article/ekathimerini/business/mevgal-to-be-model-for-new-corporate-restructuring-system