Marinopoulos supermarket chain catches a break

The Marinopoulos supermarket chain was granted valuable breathing space on Friday after an Athens high court ruled in favor of its injunction request against its creditors.

The decision will allow the group, its creditors and prospective investors (such as rival supermarket chain Sklavenitis) time to hatch a plan for its streamlining, in order to avoid bankruptcy – which could leave 12,500 people jobless and over 2,000 suppliers and creditors empty-handed.

The company’s debts amount to 1.324 billion euros and it has until September 21 to come up with a viable plan to avoid invoking the bankruptcy provisions of Article 99.