Default risk for Greece’s biggest supermarket chain

Default risk for Greece’s biggest supermarket chain

The restructuring of Marinopoulos, Greece’s biggest supermarket chain, is under threat, as there appears to be disagreement among creditor banks, while suppliers who are owed a large amount between them are pressing for debt repayments to resume.

Sources close to the historic retail group say any decisions will be made within the next couple of weeks – not including the option of Marinopoulos filing for protection from its creditors.

The problem all parties involved face is how the company can be made sustainable during a period when supermarket spending is dropping in general, having slipped 5.7 percent in January-April year-on-year. This has contributed to the shelving of the deal between Sklavenitis and Marinopoulos for a new joint company to operate the 33 Marinopoulos hypermarkets. It remains unknown whether that will be completed.

Marinopoulos has said it has no debts to its employees, and today it is expected to issue a statement saying that the company is on track.

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