Marinopoulos’ restructuring agreement set for rewriting

An agreement reached between Sklavenitis and Marinopoulos to deal with issues of an expanded interim funding was set for redefining after a court decision approving the merger deal.

Sources familiar with the issue told ANA that the fact that the court decision was issued one day after a timetable agreed with creditor banks raised issues of redefining aspects of an agreement covering interim funding of Marinopoulos. They noted that the question raised was who will pay the cost for the December and January wages. Legal advisors from all interested parties met on Monday to fill the gaps of the agreement and said that everyone’s will was to conclude the agreement the soonest possible.

Justice Minister Stavros Kontonis expressed his satisfaction over the courty decision on Marinopoulos, while Mihalis Dimitrakopoulos, a lawyer representing Panos and Stephanos Marinopoulos said the court decision ratified the restructuring plan of Marinopoulos’ supermarkets.

An Athens Court of First Instance has issued a decision approving a merger plan for Marinopoulos SA. The decision gives a green light to the takeover of Marinopoulos by Sklavenitis Group.

February 14 is the final date for completing the merger deal, according to a memorandum of understanding signed between creditor banks and the two business groups. The money from an interim funding agreement has been used to pay the Christmas bonus to the 10,800 workers of Marinopoulos, while Sklavenitis Group has taken the initiative to pay 30 pct of the December wages to workers.