By D. Alexaki
A last-ditch rescue and restructuring plan for troubled the troubled supermarket retailer Marinopoulos cleared another hurdle on Friday after a ruling by a three-judge first instance court in Athens abolishing a legal deadline of Feb. 14 for resolving third parties' demands.
Essentially, the three-judge tribunal confirmed an earlier ruling, last month, by a first instance court judge, who approved of a bankruptcy framework that allows Marinopoulos' shares to be purchased by rival Sklavenitis and transferred into a new holding company managed by the latter. The draft agreement is dependent on financing by all four of Greece's systemic banks, a capital infusion by the Sklavenitis group and a "haircut" of arrears owed by Marinopoulos to creditors and suppliers.
The salvation of Marinopoulos is of heightened importance in the crisis-battered country, as almost 10,000 people are on its payroll. Additionally, scores of suppliers, ranging from multinationals to small family-run producers, want to at least recoup some of their debts and continue to supply merged entity that will be derived from the Sklavenitis-Marinopoulos "marriage".
Friday's ruling also included rejections of two motions filed by the companies Karypidis and Arvanitidis.
