An Athens court recently furthered efforts to restructure supermarket retailer Marinopoulos by removing Tuesday's deadline for the resolution of third-party demands in the company’s bankruptcy.
 
Earlier this year, a first instance court judge approved a bankruptcy framework allowing Sklavenitis, a Marinopoulos rival, to purchase the company’s shares, which would then be transferred to a new holding company that Sklavenitis would manage. The ruling also rejected two motions from companies Karypidis and Arvanitidis.

In abolishing the Tuesday deadline, the three-judge panel has confirmed the approval of that plan, which will be dependent upon financing from Greece’s four systemic banks, capital from Sklavenitis and a reduction of the debt that Marinopolous currently owes creditors and suppliers.
 
Marinopoulos employs nearly 10,000 people, making its potential closure something to be avoided in the country’s current economic client. Further, a union between Sklavenitis and Marinopoulos would allow the latter’s suppliers, which range from small producers to multinational companies, to recoup some of the debts they are owed.