An agreement aimed at rescuing the troubled Marinopoulos super market group, via a merger with rival Sklavenitis, was signed late Wednesday evening, with the relevant text posted on a website.
Suppliers and creditors holding Marinopoulos’ debts – which stand at a dizzying figure of 1.46 billion euros – and who have already verbally agreed to a 50-percent “haircut” in demands, must now sign the agreement, beginning on Thursday.
The agreement is outlined over 218 pages.
One noteworthy item is French multinational Carrefour’s acceptance of a 92-percent “haircut” in Marinopoulos’ arrears to it, with the 147-million-euros obligation dropping to 11.5 million euros.
Marinopoulos was Carrefour's partner in super market operations in Greece, before the French company exited the Greek market.
What lies ahead is the submission of the agreement, along with as many settlements from third parties as possible, to a relevant bankruptcy court in Athens for approval, even by early Friday afternoon, if possible.
A formal court date is eyed for October.
