Cyprus Mail
Business

Greek court approves Marinopoulos rescue

A Greek court approved the rescue plan for Marinopoulos S.A., which operates via Cyprus’s Chris Cash and Carry the Carrefour supermarket chain on the island, Greece’s in.gr reported on Monday.

The green light from the court will allow the acquisition of Marinopoulos, which filed a request for protection from its creditors in June, by the Sklavenitis family, owners of another Greek retail group, in.gr reported.

A source familiar with the matter who spoke on condition of anonymity said that the ruling “is positive news” also for the company in Cyprus. Marinopoulos was unavailable for comment.

Under the terms of the deal negotiated in August, Sklavenits agreed to acquire Marinopoulos for a total of €125m. Four Greek banks, Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank, also agreed to inject €360m in the form of a loan, which gives them an option to acquire 25 per cent of the failed retail group. It also provided losses for suppliers in Greece.

In September, Chris Cash and Carry which employs 1,170 workers and as an independent company, remained unaffected by the parent company’s financial troubles, said that the takeover agreement would be beneficial to its operations and would allow it to carry out its business plan “undistracted”.

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