Marinopoulos rescue plan entails 50% ‘haircut’ for troubled super market chain’s suppliers

23 September 2016
744 Views

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.

You may be interested

Archaeologists found 115.000-year-old human footprints where they shouldn’t be
GREECE
shares14 views
GREECE
shares14 views

Archaeologists found 115.000-year-old human footprints where they shouldn’t be

Panos - Sep 29, 2020

A uniquely preserved prehistoric mudhole could hold the oldest-ever human footprints on the Arabian Peninsula, scientists say. The seven footprints, found…

Pompeo’s visit highlights the renewed US-Greek strategic relationship, Petsas says
GREECE
shares15 views
GREECE
shares15 views

Pompeo’s visit highlights the renewed US-Greek strategic relationship, Petsas says

Panos - Sep 29, 2020

The visit of US Secretary of State Mike Pompeo, the second visit in just one year, reflects the key role…

Erdogan at it again: We are not guests in the Mediterranean, but owners
GREECE
shares18 views
GREECE
shares18 views

Erdogan at it again: We are not guests in the Mediterranean, but owners

Panos - Sep 29, 2020

The “carrot and stick” is Turkish President Erdogan‘s favorite tactic. On the one hand, he appears more compromising and open in…

Leave a Comment

Your email address will not be published.