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

23 September 2016
882 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

Two Greek islands in best-hidden of the Mediterranean: Telegraph
GREECE
shares40 views
GREECE
shares40 views

Two Greek islands in best-hidden of the Mediterranean: Telegraph

Panos - Jun 18, 2021

British media outlet Telegraph included the Greek islands of Karpathos and Alonissos in its top 20 holiday destinations in the…

Coronavirus Greece: 519 new cases, 321 intubated, 16 deaths
GREECE
shares44 views
GREECE
shares44 views

Coronavirus Greece: 519 new cases, 321 intubated, 16 deaths

Panos - Jun 18, 2021

Greece announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 519, of which 2…

Greece: Caroline was murdered by her husband!
GREECE
shares29 views
GREECE
shares29 views

Greece: Caroline was murdered by her husband!

Panos - Jun 18, 2021

Charalambos Anagnostopoulos, the husband of 20-year-old Caroline Krauts, is according to the information available to the police her killer. The…

Leave a Comment

Your email address will not be published.