Athens courts to decide on Marinopoulos bankruptcy application

The First Instance Court of Athens is expected to issue a verdict on the bankruptcy application by supermarket chain Marinopoulos…

The First Instance Court of Athens is expected to issue a verdict on the bankruptcy application by supermarket chain Marinopoulos at about 11am.

Given the major social, economic and political pressure involved, sources suggest that the court will rule in favor of the company, thus granting it temporary protection from its creditors, with the main trial likely to be scheduled in September.

Earlier on Thursday the company management came to an agreement with the employee union regarding outstanding wage payments. The company management also stressed that it will do everything possible to preserve jobs.

The Sklavenitis supermarket chain is also in talks with Marinopoulos, having shown an interest in the company. A possible deal cannot be ruled out, depending on the outcome of the bankruptcy application.

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Helios Kiosk