According to the Greek newspaper Kathimerini, Sklavenitis is to sign a memorandum of understanding (MoU) on Wednesday with the creditor’s bank of its struggling rival supermarket chain, Marinopoulos.
This legal action of signing the MoU will provide the platform and a binding text for Marinopoulos to stop the complete shutdown of their stores if the court approves the motion on September 21 along with the approval of the Competitions Commission.
The paper reported that if approved, the agreement will give 100 percent ownership to Sklaventis of the struggling supermarket chain as well as enabling a new loan of 360 million euros to be obtained.
Also mentioned is that Marinopoulos will have two options in paying back debt owed. Debts that exceed 100,000 euros to suppliers will be paid back with a 50 percent haircut, while debts below that amount will be paid back in full.
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