Bankruptcy protection motion for Marinopoulos to precede rescue merger with Sklavenitis

23:40 20/10/2016 - Πηγή: Ναυτεμπορική

Hearings concluded this week before a three-judge first instance court in Athens over a closely-watched motion by the Marinopoulos super market group for protection under Article 106 of Greece's bankruptcy code, a development that comes in light of an agreement by 78 percent of the retailer’s non-bank creditors to sign off on a merger between Marinopoulos and its rival Sklavenitis. The a plan considered as a last chance to keep the former’s stores open and its nearly 11,000-strong workforce employed.