Marinopoulos streamlining process gets under way

Hellenic Supermarkets Sklavenitis will be the name of the new venture to undertake the Marinopoulos chain and most of its debts to banks and to suppliers, according to the agreement signed on Thursday by Marinopoulos, buyer Sklavenitis and the creditor banks.

It provides for a 50 percent write-off of debts to suppliers, with the other 50 percent to be paid out in the next 60 days.

For that purpose Sklavenitis will contribute 125 million euros and issue a corporate bond amounting to 352 million euros, almost half of which (177 million) will be covered by Alpha Bank.

The deal will on Friday be submitted to court for approval.