Greek supermarket giant Marinopoulos on Wednesday filed for protection for three affiliated subsidiaries, a day after the retailer sought bankruptcy protection for the parent company.
Marinopoulos’ management filed the paperwork seeking protection under article 99 of the Greek law bankruptcy code.
The latest development means that the entire retail arm of the once mighty super market chain, which for years was in partnership with French multinational Carrefour in the Greek market, has sought protection from creditors.
The applications were filed in an Athens first instance court and will be adjudicated together.
A preliminary ruling extended protection until July 1, 2016 under a full hearing on the applications.
According to the latest reports, a breakdown of the Marinopoulos group’s outstanding obligations shows:
- 51.8 million euros to social security funds
- 49.1 million euros in back taxes
- 4.3 million euros in monthly salaries (only June 2016 is pending)
- Collateral-secured loans 126.7 million euros
- Non-collateral secured loans 211.1 million
- Leasing 159 million
- Debts to suppliers, others 722.8 million
All total, the group’s total obligations reach 1.3 billion euros.
