BUSINESS

Marinopoulos is seeking a solution

ILIAS BELLOS

TAGS: Business

After Marinopoulos applied for protection from its creditors on Tuesday, three companies controlled by Greece’s largest supermarket retailer have since done the same. Marinopoulos’s injunction application is to be discussed on Friday by an Athens court.

On Wednesday the heavily indebted Marinopoulos Group requested protection measures for Marinopouloi Bros. Holdings, Express M and Xynos SA, whose total debts add up to 490 million euros. These will also be discussed by an Athens court on Friday. Marinopoulos SA has total obligations of 1.324 billion euros, of which 720 million is to its suppliers.

At the same time, the company stated that the operation of its stores continues “at a normal pace” but added that “the entry into the streamlining process constitutes the sole solution for the maintenance of the operation of the company and of the jobs as well as the securing of debt payment to suppliers.”

The issue, a major one for the Greek economy, was on Wednesday discussed at a meeting between main company stakeholder Leonidas Marinopoulos, Deputy Prime Minister Yiannis Dragasakis and State Minister Alekos Flambouraris, but its outcome remained unknown.
 

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