New Era For Kato Pyrgos: Major Upgrade To Fishing Refuge Unveiled

Project Overview

Plans to modernize the Fishing Refuge of Kato Pyrgos were announced by the Public Works Department, marking the start of a project valued at more than €6 million. The upgrade will focus on the existing port facilities and is intended to support professional and recreational fishermen, while also serving the growing demand for recreational boating in the area.

For years, Kato Pyrgos has faced challenges linked to its geographic location and limited maritime infrastructure. The proposed works are designed to improve access, safety and operational capacity at the refuge.

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Key Infrastructure Enhancements

According to the project’s environmental and engineering studies, the planned works combine port infrastructure improvements with measures aimed at protecting the Tillyria Bay ecosystem.

Proposed upgrades include:

Extending and reinforcing the main breakwater using natural boulders and precast concrete elements to improve protection from northwesterly winter waves.
Dredging the seabed to remove accumulated sediment and increase water depth, allowing safer access and docking for larger vessels.
Replacing existing docking infrastructure with reinforced concrete platforms, including new loading ramps, fenders and safety staircases.
Installing facilities for the collection of used oils and vessel waste, together with integrated fire-fighting systems.

Timeline And Economic Impact

Interested contractors have until July 17 to submit bids, which will be assessed on the basis of both cost and technical criteria. Following the planned contract award on November 17, 2026, construction is expected to last 24 months, with completion targeted for 2028, subject to any appeals process.

Project documentation indicates that the works are expected to create employment during the construction phase while improving maritime infrastructure in the region. Part of a broader programme of infrastructure investment in coastal and remote communities, the Kato Pyrgos upgrade has been prioritised by the Public Works Department.

The Future Forbes Realty Global Properties

Paramount Seeks $1.88 Billion From States Over Delayed Warner Bros. Deal

by News Editor

August 18, 2026

Paramount Skydance is seeking a $1.88 billion bond from the states attempting to block its planned merger with Warner Bros. Discovery, arguing that the legal challenge is creating significant financial losses.

The request follows a July lawsuit brought by 12 state attorneys general, led by California’s Rob Bonta, who challenged the proposed $110 billion merger. The transaction would combine two major Hollywood studios, their U.S. television networks and streaming services Paramount+ and HBO Max.

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A Costly Delay For Paramount

Paramount had originally expected to complete the deal by the end of September. Instead, the company agreed to delay the transaction until as late as June 2027 while the states’ antitrust case moves toward trial.

The company says the delay could become increasingly expensive because of a “ticking fee” included in the merger agreement. Beginning Sept. 30, Paramount will owe WBD shareholders an additional 25 cents per share every quarter until the transaction closes. That could amount to around $650 million per quarter.

Paramount estimates that ticking fees alone could reach $1.3 billion by the time the legal process is completed. The proposed $1.88 billion bond would cover those payments as well as financing costs linked to the litigation.

The company has already received approval from the U.S. Justice Department and other global regulators, but argues that some of those approvals could be jeopardized by a prolonged delay.

States Push Back

The states maintain that Paramount and WBD accepted the financial risks when they agreed to the merger terms. Bonta’s office said the companies knew the transaction would face regulatory scrutiny and voluntarily included the ticking-fee provision.

The state also pointed out that Paramount agreed to the trial timeline without requesting a bond at the time.

Paramount says the costs go beyond shareholder payments. The prolonged uncertainty could also delay investments in content, production and creative talent that would otherwise be made by the combined company.

The lawsuit was filed by California, Arizona, Colorado, Connecticut, Massachusetts, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon and Washington.

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