ONEX Technologies Group, a New York-based company credited with turning around ailing Neorion Shipyards on the Greek island of Syros, is being groomed to take over former affiliate Elefsis as well — another historic facility that could be forced into liquidation at the end of next month.

Crunched by a debt load of at least €300m ($327m) to the Greek state, lenders and suppliers, Elefsis is kept afloat by a contract with the Hellenic Navy, which is drip-feeding the yard with cash in the hope of eventually taking delivery of two much-delayed missile ship newbuildings.