Deadlines looming for Marinopoulos
In a meeting yesterday between the bankrupt Marinopoulos supermarket and the employees’ union regarding unpaid December salaries, the group’s administration referred staff to an upcoming court decision.
Union sources said the company told its staff it has run out of money and that everything depends on how rapidly the court verdict is issued, deciding whether it will agree to or reject the streamlining agreement for the country’s biggest retail chain.
Given that neither prospective buyer Sklavenitis nor the banks are pouring any more money into Marinopoulos, the employees are in turmoil considering their next moves, not ruling out a strike.
Legal sources familiar with the case argued that there is no sign yet as to when the court verdict will be issued, but they have not ruled out any developments next week, based on experience. The sooner the decision is issued the better it will be for the absorption of Marinopoulos by Sklavenitis (if approved).
In case the verdict is not issued by January 30, when the fourmonth period of protection from creditors expires, it will take an additional application for protection to the Bankruptcy Court by Marinopoulos. It is not that long to go before the February 14 deadline set by Sklavenitis before it withdraws its interest either.