The text of a highly anticipated decision issued by an Athens first instance court this week for the bankruptcy / restructuring plan for the troubled Marinopoulos supermarket group was unveiled on Wednesday.
By D. Alexaki
The text of a highly anticipated decision issued by an Athens first instance court this week for the bankruptcy / restructuring plan for the troubled Marinopoulos supermarket group was unveiled on Wednesday.
The highlight of the decision is the approval of the rescue plan's main point: transferring Marinopoulos' shares and operation into a new company controlled by rival retailer Sklavenitis.
Legal circles in Athens on Wednesday said the decision was "very good", given that practically all of the points in the draft rescue plan were approved.
The ruling is dated Jan. 16, 2017, with publication in a judicial gazette scheduled for Jan. 20.
The interested sides must now submit the plan to deal with obligations and demands by third party creditors.
The same circles expressed an optimism that legal deadlines for the merger / rescue will be met and the plan will be implemented, allowing Marinopoulos' stores to continue operation under a new corporate structure.