Marinopoulos Super Market Chain Rescue in the Air Again

Wednesday, December 28th, 2016
Last Update: 20:22

Funds for the interim financing of Marinopoulos SA super market chain have been depleted, putting the company’s rescue at risk again, says the Athens News Agency.

The funds allocated after a rescue deal was agreed between the banks, the Marinopoulos family and Sklavenitis SNE, have been exhausted after the payment of the Christmas bonus to employees.

According to ANA, there are no funds for the December salaries, while a decision of the First Instance Court of Athens for the approval of the company’s rescue plan is still pending, and it is not certain when the court rule will be issued.

Allegedly, the court will decide in early January 2017, but it is not certain if the court will approve the rescue plan. Thereby, the effort to rescue Greece’s largest (in number of stores) super market chain is in the air.

Marinopoulos SA currently employs 10,800 people and has substantial debts to suppliers, some of which depend entirely on the chain for their survival.

Government seeks to reassure Marinopoulos’ workers

“Marinopoulos’ workers should not be worried because of a delay in releasing a court decision on a rescue plan. This delay, unfortunately attributed to the usual slow pace of justice, will not annul the agreement,” sources close to State Minister Alekos Flambouraris told ANA on Wednesday. The same sources added that “the govenrment, with all its powers, will try to implement a successful agreement in favor of 13,000 workers and thousands of suppliers.”

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