2023-07-04 08:40:00
The distributor Casino announced on Tuesday July 4 that it had received two separate proposals to strengthen its equity, one from its shareholders, billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière, the other from the trio of businessmen Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari.
The two proposals will be studied by the board of directors of Casino, then by the creditors of the group on Wednesday, specifies Casino. “No decision on these proposals will be taken” before discussions with creditors. The details of the offers will be officially made public on Wednesday following the close of trading.
Claimants to the rescue or takeover of Casino had until Monday, July 3 to submit their offers, while the French distributor asked for “grace periods” not to honor certain debts while renegotiating their debt.
The group had previously said it hoped “Finalize an agreement in principle on the terms of the financial restructuring by July 27”.
He wants a massive conversion of his debt into capital, covering more than 3 billion euros of unsecured debt and between 1 billion and 1.5 billion euros of secured debt. The holders of these claims (large banks, funds, institutions, etc.) would thus become Casino shareholders, instead of recovering their money.
The group also wants to be able to at least preserve the activity in France. He hopes for a capital increase “of at least 900 million euros”to have the “adequate liquidity” allowing it to carry out its 2023-25 strategic plan.
>> Xavier Niel is a shareholder in the Le Monde group, the Nice-Matin group, France-Antilles and Paris-Turf.
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