Greece - Corporate Restructuring Platform



Project number:


Business sector:

Non-depository Credit (non bank)

Notice type:


Environmental category:


Approval date:

20 Jul 2016



PSD disclosed:

17 May 2016

Translated version of this PSD: Greek

Project Description

The EBRD is considering to co-invest in a Greek corporate restructuring platform vehicle (Project Number 48504) and provide new funding (Project Number 48066), along and in partnership with KKR, as well as to provide expertise in corporate governance which is often a core challenge at underperforming businesses.

The project involves the assignment of the management of credit exposures of a selected number of companies under restructuring into a vehicle managed by Pillarstone, the pan-European platform launched by KKR Credit. Eurobank and Alpha Bank, two of the largest Greek banks, are currently part of the transaction. KKR Credit is part of KKR & Co. L.P., a global leading investment firm. The planned assignment of management is subject to the completion of certain conditions precedent. The transaction will be open to other Greek lenders and companies who would benefit from fresh capital and additional operational support.

Project Objectives

The project aims to secure the most efficient and profitable management and restructuring of underperforming exposures by involving the underlying borrowers and turnaround experts in the restructuring process. The platform will provide long-term capital and operational expertise to medium and large Greek companies, thereby supporting Greek banks in managing assets and help Greek companies stabilise, grow and create value for the benefit of all stakeholders.

Transition Impact

The expected transition impact is to demonstrate the set-up of a shared work-out platform and its successful restructuring of distressed assets while addressing corporate governance shortfalls, ultimately reducing Greek banks' NPL ratios. Progress on NPL management is expected to increase the Greek banks' capacity to rebuild their depositor bases and restart lending activity.  

The Client



Third largest (in terms of assets) with total assets of EUR 69 billion (c. 18% market share) at YE2015.


Leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds.

EBRD Finance

EUR  50,000.000

Project Cost

EUR  50,000.000

Environmental Impact

Categorised FI. There may be environmental and social issues associated with restructuring of underperforming exposures. KKR and Pillarstone will be required to comply with the EBRD's Performance Requirements 2, 4 and 9, which will include the implementation of agreed E&S eligibility criteria, applicable Environmental and Social Risk Management Procedures, adherence to the EBRD's E&S Exclusion list as well as submission of Annual Environmental and Social Reporting to the Bank.

Technical Cooperation



Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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