A Bratislava court approved a restructuring plan for Carrefour, clearing millions of euros worth of debt and allowing the French retailer to continue operating in Slovakia. The plan was presented by Retail Value Stores, which operates the Carrefour network on the Slovak market. Under the terms, Carrefour suppliers will get 3 percent of the original value of their claims. The chain plans to borrow €430,000 from a bank to cover expenses. The bankruptcy administrator has acknowledged creditor claims totaling €17.5m but denied the state’s claim worth €2m. Carrefour currently operates five stores in Slovakia. The chain bottomed out over the summer following the entry of a new investor, former Penta partner Jozef Špirko, in July. Špirko is a member of the control board and installed his people on the board. He believes the loss-making Carrefour will recover in 2018.
