US-based investment banking firm Chatsworth Securities is partnering up with Greece-based Onex Elefsis Shipyards on investment of about USD 400 million in financially-distressed Elefsina Shipyards.
On July 9, Chatsworth Securities agreed with Onex Elefsis Shipyards to become a shareholder and be the exclusive investment bank for the company’s capital needs.
Onex Elefsis Shipyards recently agreed to acquire the second biggest shipyard in Greece, through Greek Bankruptcy Law and rehabilitation plan that is expected to be approved by the Greek courts within 3-6 months.
In addition, the company is working on alternatives with the Greek government and creditors to re-start the shipyard as another company of the Onex Group did in the case of Neorion Syros Shipyards.
As disclosed, the whole deal will exceed the USD 400 million within the next 15 years. It is seen as “the biggest turnaround in the history of Greek shipyards”.
“This is a very important cooperation for our group. By joining Onex Elefsis Shipyards, LLC with an economic stake in the company our commitment its success is paramount,” Ralph Di Fiore, Managing Partner and one of the four founders of Chatsworth, commented.
“I have a vision to create a global brand that will enhance the business prospects and reputation of Greece as a destination for shipping services and we are very excited for the future,” Panos Xenokostas, Onex Shipyards Founder & CEO, said.
“Chatsworth joins our journey and we are very happy about that… Our job is to re-create Greek shipyards that were in decline for decades. That is ‘Phase I’ in our plans. We started from Neorion in Syros and we continue with Elefsina. Neorion was a game changer in the industry,” he added.