Casino had previously hinted that it was seeking to restructure the unsecured portion of its debt, worth around 3.6 billion euros, implying that the remaining 4 billion euros of secured debt would remain intact.
That implies borrowings of less than 2.7 billion euros, based on analysts’ forecasts compiled by Refinitiv.
As a result, between 1 and 1.5 billion euros of the secured debt may also be converted into equity.
Casino reckons it needs at least 900 million euros of new money to finance the company’s business plan in the next few years.
The winner, who will be the group’s largest shareholder, will then determine whether they can end Casino’s losing streak.
Persons:
Daniel Kretinsky, Xavier Niel, Pierre Briancon, crouch, Eli Lilly, Peter Thal Larsen, Streisand Neto
Organizations:
Reuters, Casino, Refinitiv, Twitter, Thomson
Locations:
Czech