The final stretch of the negotiations for the rescue of Marinopoulos – Especially critical in the next few days

In the final straight have entered negotiations for the rescue of Marinopoulos…
With time is fast running out, and the margins of exhaustion -for some have already run out-the next few days are especially critical for if ultimately the “store” will be saved. And that’s why as support executives involved in the negotiations, if a solution is not found by the end of August, the future is bleak.
Information of the Capital.gr reported that the rescue plan put forward by the Sklavenitis is already in the boards of some of the involved banks, while in the next few days will go and the boards of the other. Meanwhile, other reports indicate that in the last few hours had come back to set out the fund KKR, the new proposal which was rejected again.
What it includes, however, the rescue plan of the Marinopoulos who has deposited the Sklavenitis it?
The cost of the rescue: According to banking executives involved in the negotiations for the rescue of Marinopoulos will be required close to half a billion euro.
Funding: this half a billion euro needed to rescue the Marinopoulos, 360 million. euros will come from a loan taken by the new company, with a guarantee of Sklavenitis. The particular loan to be taken by the new company, full control of which of the Sklavenitis, will have an interest rate of euribor +1,5% spread. On the basis of information from bank executives, the banks will have no option, which means that if the exercise will have 25% of the new company and the Sklavenitis 75%.
Fresh money: in Addition to the loan to be taken by the new company, with a guarantee of Sklavenitis, the last will put 125 million. euro of ‘fresh money’. Of these, in the first phase, 15 million. euro will be redirected to the interim financing. In the second phase, i.e. once completed the deal, another 60 million. euro will go to the new company, while another 50 million. euro will be awarded in 2017.
Interim financing: a Crucial factor to be able to survive the χειμαζόμενο network of Marinopoulos, apart of course from the signatures and the MoU, it is the interim financing. This is estimated at 80 million. euro. Funds which will come from the “piggy bank” of fresh money that will put the Sklavenitis, i.e. 15 million. euro, and of the loan.
Suppliers: based on banking sources, the rescue plan of the Marinopoulos who has deposited the Sklavenitis includes a “haircut” of debts to suppliers of χειμαζόμενης chain of the order of 40-50%. With regard, however, the remaining amount of the debts to the suppliers that will be paid directly and in cash.
Debts owed to Public-pension funds: Payment of debts to State and social security funds, without a “haircut”.
Employees-network: employee Retention of χειμαζόμενης chain Marinopoulos (estimated at over 11,000 people) and the entire network. Change of brand in the branch network by Marinopoulos in Sklavenitis.
Exterior: The Marinopoulos, apart from its activity in Greece, has a presence abroad and especially in the Balkans and in Cyprus. Information report that the rescue plan includes and the part of Cyprus. Which means automatically, if and when, of course, the Marinopoulos pass to the control of the Sklavenitis, that the latter acquires not only a strong nationwide coverage and international presence in a country (Cyprus) which shows significant growth margins.
Next day: of Course, the crucial test is the next day. Namely, after the closure of the deal and the relevant approvals from the court on the basis of article 106Β of the Bankruptcy Code. The mother of all battles will be given the first year of operation under the new owners. The objective is the “store” is now called Marinopoulos to come to a depth of two years-three years.

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