Marinopou­los catches break

Kathimerini English - - Front Page -

The Marinopou­los su­per­mar­ket chain was granted valu­able breath­ing space yes­ter­day after an Athens high court ruled in fa­vor of its in­junc­tion re­quest against its cred­i­tors.

The de­ci­sion will al­low the group, its cred­i­tors and prospec­tive in­vestors (such as ri­val su­per­mar­ket chain Sklaveni­tis) time to hatch a plan for its stream­lin­ing, in or­der to avoid bank­ruptcy – which could leave 12,500 peo­ple job­less and over 2,000 sup­pli­ers and cred­i­tors empty-handed. The com­pany’s debts amount to 1.324 bil­lion euros and it has un­til Septem­ber 21 to come up with a vi­able plan to avoid in­vok­ing the bank­ruptcy pro­vi­sions of Ar­ti­cle 99.

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