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Marinopoulos Granted Temporary Protection From Creditors

Greek supermarket chain Marinopoulos won temporary protection after applying for bankruptcy. The court decided to protect the privately-owned group from creditor foreclosures until September 21 when its petition for a resolution process is judged.
Marinopoulos’ management views the decision as important to securing the future operation of the group and ensuring the retention of job positions while regulating money owed to suppliers.
The employees of the group, however, will be excluded from the temporary protection, hence they have the right to litigate in the case that their salary payments are stopped. At Friday’s meeting, the group’s management thanked employees for their support at a difficult time. Parallel to this, the group expressed its deep respect for 45 percent of suppliers that consented to protection.
The estimated debt incurred by the group is around 700 million euros owed to around 2,000 suppliers.
Marinopoulos has now won the time required to find a viable solution. The Greek public sector intervened against the group’s application with claims that the sums presented as money owed are not accurate. State legal representatives calculated the money owed to the state at around 50 million euros.

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