Athens court OKs highly-anticipated Marinopoulos supermarket rescue plan

16 January 2017
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A long-awaited decision approving a restructuring plan for the bankrupt Marinopoulos super market group was finally issued on Monday by a three-justice Athens first instance court.

The substance of the court decision essentially opens the path for a merger of Marinopoulos with rival Sklavenitis, under a new company that will be wholly owned and managed by the latter. A previously negotiated deal for the merger, one in which all four of Greece’s systemic banks are participating as creditors and financiers, has a deadline of Feb. 14, 2017.

An interim funding arrangement has already been exhausted with the payment of an obligatory holiday bonus to Marinopoulos’ employees and 30 percent of December 2016’s payroll. Marinopoulos has roughly 10,800 staff on its payroll.

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