Greece’s PPC to raise $235 million from sale of unpaid bills to JP Morgan

Greece’s Public Power Corporation (PPC) has finalised a deal to sell off unpaid bills to investment bank JP Morgan that will raise about Euro 200 million ($235 million).

About Euro 2.7 billion of electricity bills is owed by the company because of the country’s decade-long debt crisis. In a stock market filing PPC had signed contracts to sell bills in arrears of up to 60 days. According to PPC in July 2020, it had also finalised the terms for securitising a second tranche of bills worth Euro 1.7 billion that are in arrears by more than 90 days, seeking to raise Euro 300 million-350 million.

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