Sklavenitis closing in on assimilating Carrefour operator Marinopoulos in Greece | Progresiv
Sklavenitis received approval from Alpha Bank and Eurobank to extend credit lines in a plan to use up to 360 million euros to buy out Marinopoulos Greece, the exclusive franchise rights holder of Carrefour in Greece and several other markets in the Balkans. 
The National and Piraeus banks are pending a final decision to support the move. Local sources claim the restructuring plan includes a 50% discount on supplier debts.
Marinopoulos is the largest supermarket chain in Greece and accounts for 1% of the country’s GDP.
Marinopoulos filed for bankruptcy early this year and entered protection two months ago to avoid its collapse. The decisions followed the retailer cumulating 1.3 billion euros in debts (0.7 billion to suppliers, 0.3 billion to lenders, 0.2 billion in unpaid rent, 0.1 billion in unpaid taxes and 4.3 million to employees).
Conditioned by approvals from all banks involved, Sklavenitis will act as a strategic investor in a new company which will take 100% control of Marinopoulos and then deal with the debt repayments. (www.kantarretailiq.com)
