2023-06-16 19:11:19
Casino is doing badly. But this Friday, his house, Rallye, announced that it had reached an agreement with the holders of its debt guaranteed by Casino securities placed in “safety trusts”. The distribution group is currently in conciliation proceedings for a period of four months in order to renegotiate its debt of 6.4 billion euros for Casino and around 3 billion for its parent company Rallye.
“Under the terms of this agreement, the creditors concerned have waived their right to claim any event of default” linked to the conciliation procedure aimed at Casino, according to the press release. In return, these creditors may benefit from the right to appropriate their share of Casino shares or to order their sale.
According to the press release, 11.7% of the capital of Casino has been placed by Rallye in a surety trust for the benefit of certain creditors, including Fimalac, the company of billionaire Marc Ladreit de Lacharrière. “The amounts of this financing put in place following the adoption of the safeguard plan amounted, as of December 31, 2022, to 397 million euros out of the 3.1 billion in gross financial debt, i.e. 12.8% of the total. “says Rallye.
“A preliminary expression of interest”
Marc Ladreit de Lacharrière had mentioned on Wednesday “a possible participation” of up to 150 million euros in the project of Czech billionaire Daniel Kretinsky, Casino’s second shareholder behind the holding companies of Jean-Charles Naouri and who intends to take control of Casino via capital increase of more than one billion euros.
Casino, which employs 200,000 people worldwide, including a large quarter in France under many brands such as Monoprix, Franprix or Pao de Acucar in Brazil, entered the conciliation procedure on May 25 in order to renegotiate its debt which amounts to 6 .4 billion euros of net debt for Casino and around 3 billion for its parent company Rallye. This amicable procedure can be extended for four months, plus an optional one, and should ensure the continuity of the Casino group, in a form that remains to be determined.
This would imply that Casino’s creditors, major French and international banks, European or American investment funds and institutional players, agree to draw a line under the money owed by the group, in undoubtedly very significant proportions. The Casino group also confirmed on Wednesday “a preliminary expression of interest” competing with that of Mr. Kretinsky from the trio of businessmen Xavier Niel (Free), Matthieu Pigasse and Moez-Alexandre Zouari for a “strengthening of equity” of up to 1.1 billion euros.
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