Cyprus Business Now

Debt management firm Themis Portfolio Management on Wednesday released a statement in which it reaffirmed its commitment to collaborate with borrowers to find quick, transparent, and consensual solutions for credit facility settlements.

The announcement was released in the context of recent developments in the House of Representatives and the decision to suspend foreclosure proceedings until the end of October.

Themis said that it is committed to providing a written response within 30 days to non-performing borrowers and mortgagors with credit facilities secured against primary residences up to €350,000, who submit a written proposal for the settlement of their obligations by September 30, 2023.

In addition, borrowers who prefer to engage with Themis for a meeting will have their requests addressed within 15 days.

“Borrowers can also apply for debt restructuring,” the company said, noting that “Themis offers tailored restructuring solutions for borrowers with varying incomes and repayment capacities”.

“These restructuring solutions are based on either the current value of the property or the current outstanding balance of the loan, whichever is lower,” it added, explaining that this means that borrowers may obtain partial waivers of interest and capital, provided they adhere to the new repayment programme.

Themis also acknowledged that many borrowers have questions or doubts about their remaining debts and interest calculations.

As previously announced, borrowers can turn to three leading independent accounting firms to collaborate on verifying their outstanding balances at no cost to themselves.

“This initiative offers a swift, transparent, and targeted process,” Themis said.

“Themis believes it to be the most focused and clear initiative announced in Cyprus to date and hopes that borrowers will seize this opportunity to resolve an issue that has been a concern for many for ten years or more,” the company concluded.

The Deputy Ministry of Shipping this week officially announced the launch of a new competition, the Cyprus Maritime Award 2023, which is aimed at identifying and honouring key contributors to the domestic shipping sector.

According to the announcement, the Deputy Ministry of Shipping is inviting nominations for the Cyprus Maritime Award 2023 in two categories.

The categories include the ‘Personality Award of Cyprus Shipping’ and the ‘Development Award of the Cypriot Shipping Industry’.

Nominations for the prestigious awards should be submitted to the selection committee through the Director-General of the Deputy Ministry of Shipping using the designated forms no later than 3:00 PM on August 24, 2023.

Moreover, all relevant nomination forms, criteria, and regulations are available on the Deputy Ministry of Shipping’s website at www.shipping.gov.cy. They can be found under the information centre’s news section.

The Cyprus Maritime Award aims to acknowledge outstanding achievements and contributions to the maritime sector in Cyprus.

It is a significant honour for personalities and entities involved in the maritime industry and is aimed at promoting excellence and innovation within the Cypriot shipping community.

The Cyprus Stock Exchange (CSE) ended Wednesday, July 26 with losses.

The general Cyprus Stock Market Index was at 115.45 points at 12:59 during the day, reflecting a decrease of 0.88 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 69.82 points, representing a drop of 0.92 per cent.

The total value of transactions came up to €99,009.

In terms of the sub-indexes, the main and alternative indexes fell by 0.99 per cent and 0.83 per cent respectively. The investment firm and hotel indexes remained stable.

The biggest investment interest was attracted by the Cyprus Cement Company (no change), Logicom (-3.39 per cent), the Bank of Cyprus (-1.4 per cent), Lordos United (no change), and Vassiliko Cement Works Public Company (-3.5 per cent).