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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, 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

To contact the editor responsible for this story: Angela Cullen at

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