Banks approve Sklavenitis rescue plan for Marinopoulos supermarket chain
After Eurobank and Alpha Bank, the management boards of Piraeus Bank and the…
After Eurobank and Alpha Bank, the management boards of Piraeus Bank and the National Bank have greenlit the Sklavenitis rescue plan for the Marinopoulos supermarket chain.
According to reports, under the new plan Sklavenitis will fully acquire the Marinopoulos company, while any debts towards suppliers over 100,000 euros will be slashed by 50%. An agreement appears to have been reached over debts towards suppliers, which have been estimated to be 722.8 million euros.
The Sklavenitis supermarket chain will also pay Marinopoulos’ debts worth 49.1 and 51.7 million euros towards the State and insurance funds. The banks have agreed to fund the new Sklavenitis/Marinopoulos with a 360-million-euro loan with a low 1.5% interest rate, while maintaining the option to acquire 25% of the company’s share capital.
Prior to its major financial problems, the Marinopoulos supermarket chain was one of the dominant forces in the market, operating over 900 branches and employing about 11,000.