Agreement to save Marinopoulos from closing to be signed
An agreement has been reached between the banks and super-market chains Sklavenitis and Marinopoulos, which will see the two companies merge.
According to the deal the troubled Marinopoulos super-market chain will be absorbed by Sklavenitis. After the agreement is singed, about 80 million euros will be paid out in order to pay wages and rent.
The next phase of the major deal relates to the major debts towards suppliers accrued by Marinopoulos over the years. About 60% of suppliers have agreed to a debt haircut.
Efforts are being made so that any debts up to 150,000 to 200,000 euros will not be slashed. At present debts up to 100,000 are not expected to be reduced.
You may be interested
Turkish deputy-Prime Minister accuses Greece of oppressing religious minorities in latest Turkish tirade against Greecemakis - Nov 17, 2017
Turkish Deputy Prime Minister Bekir Bozdag accused Greece of imprisoning Muslim Imams, despite the country being a member of the…
Greek PM says country would rely on itself to face flood disastermakis - Nov 17, 2017
Greek PM Alexis Tsipras thanked European countries for offering to help after the flash floods in western Attica, Wednesday, which…
US meteorologist explains deadly storm that flooded Greek townsmakis - Nov 17, 2017
“When the Atlantic hurricane season begins to quiet down in late October and November, it’s time to cast an eye…