Suppliers of troubled super market group Marinopoulos are being asked to consent with the latter’s request to seek protection under a specific article of Greece’s bankruptcy code and to cut their demands by half, part of a high-profile plan to salvage the company through its merger with rival Sklavenitis.
The multinational audit firm PwC, a consultant in the investment/merger scheme, contacted suppliers and creditors to make the proposal.
The proposal for a 50-percent “haircut” in arrears had long been cited in press reports, nevertheless, it became official this week. Under the plan, the remaining debts owned by the super market retailer will be transferred to a new company, which will assume Marinopoulos’ shares and be controlled by Sklavenitis, and be paid off once a final ruling is issued by an Athens first instance court on the plan.
Regardless, the entire reorganization-cum rescue plan must be completed by Feb. 14, 2017, under an MoU signed by all the sides involved in the plan.