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.
Athens court ruling furthers Marinopoulos restructuring plan
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