Michaniki Won’t Proceed With Capital Increase, Euro2day Reports

Jan. 17 (Bloomberg) -- Michaniki SA won’t proceed with a plan to raise as much as 60 million euros ($80 million) in capital because of unfavorable market conditions, Euro2day.gr reported.

Greece’s economic crisis and liquidity issues the builder faces raised concerns Michaniki wouldn’t be able to obtain the amount it wants, the Athens-based news site said, without citing anyone.

Michaniki, which may proceed with the capital increase when market conditions improve, is in talks with creditors to get a 120 million euro loan to refinance existing debt and boost capital for operations, Euro2day said.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net