French retailer Casino finalises rescue deal led by Czech tycoon

Dominique Vidalon - Reuters - 05/10

French supermarket group Casino has finalised a deal to avert bankruptcy through a debt restructuring agreed with its main creditors, led by Czech billionaire Daniel Kretinsky.

Summary
Companies

Casino to formally change hands at end-March 2024
Talks with unsecured creditors continue
Shares up 9% as trade resumes

PARIS, Oct 5 (Reuters) - French supermarket group Casino (CASP.PA) has finalised a deal to avert bankruptcy through a debt restructuring agreed with its main creditors, led by Czech billionaire Daniel Kretinsky.

Casino was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rival supermarket operators.

On Thursday Casino said the binding debt deal was reached with the consortium led by Kretinsky's company EPGC alongside Casino's biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer's secured creditors.

"Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan," CE...
[Short citation of 8% of the original article]

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Source and Copyright images and texts: Dominique Vidalon - Reuters
Original link, read full article here: https://www.reuters.com/markets/deals/retailer-casino-seals-lock-up-debt-rescue-deal-led-by-czech-billionaire-2023-10-05/
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