2024-03-05 01:36:43
The court decision was ultimately contested. The central social and economic committee (CSEC) of Distribution Casino France announced on Monday that it would appeal the judgment of the Paris commercial court endorsing the rescue plan for the distributor in difficulty Casino and its takeover in particular by the Czech billionaire Daniel Kretinsky. “We hope that the prosecution will also appeal, so that justice is done,” indicated the CSEC during a press conference in Paris. One of his lawyers, Françoise Maréchal Thieullent, clarified that the CSEC’s appeal was “not suspensive, only that of the public prosecutor would be”.
“Only other judges will be able to restore the legality of the situation,” estimated the CSEC during this press conference, assuring that, “contrary to what management says, this appeal and the rejection of the plan will not necessarily imply liquidation”. He asserted that “it is the management supported by the consortium which is responsible for the current situation”.
The Paris commercial court validated on February 26 the rescue plan for the distributor Casino, the last major step before the restructuring of its debt and its takeover by buyers, the billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière backed by the fund. investment Attestor. The group, which employed 50,000 people in France at the end of 2022 under well-known brands such as Casino, Franprix or Monoprix, might no longer meet its debt repayments.
Debt restructuring
The restructuring of Casino’s debt plans to wipe out around 5 billion euros of debts, and is made possible by the provision of new money to the tune of 1.2 billion euros, including more than 900 million by the consortium of buyers. The administrators and legal representatives as well as the CSE of Distribution Casino France, the staff representative and the public prosecutor had the possibility of appealing.
“In the absence of suspensive appeal, it is envisaged that all of the operations planned by the financial restructuring will be carried out on March 27, 2024,” Casino indicated at the end of February. These operations include capital increases under the terms of which the distributor’s current shareholders, starting with the first of them Jean-Charles Naouri, will be very massively diluted.
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