Marinopoulos suppliers must decide whether to accept 50 pct debt haircut


TAGS: Business

The creditors of Marinopoulos, Greece’s biggest supermarket chain which filed for bankruptcy protection earlier this year, have until Monday to decide whether to reduce their demands from the troubled retailer.

Those which agree will obtain access to the full text of the streamlining agreement, to be signed by September 30.

In practice, that means that if at least 60 percent of all parties to which Marinopoulos owes money agree, the deal will be submitted to court in the first week of October.

The expected haircut will amount to 50 percent of Marinopoulos’s obligations to all of its suppliers, even those which are owed less than 100,000 euros.