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☆ French retailer Casino finalises rescue deal led by Czech tycoon
▼ + stars: | 2023-10-05 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photo Acquire Licensing RightsPARIS, Oct 5 (Reuters) - French supermarket group Casino (CASP.PA) said on Thursday that it had 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. It 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," Casino CEO and controlling shareholder Jean-Charles Naouri said in a statement.

Persons: Stephane Mahe, Daniel Kretinsky, Jean, Charles Naouri, Naouri, Dominique Vidalon, Sudip Kar, Gupta, Alexander Smith Organizations: REUTERS, Rights, Casino's, Fimalac, Thomson Locations: Nantes, France, Czech

☆ Casino shares suspended, news on debt deal expected soon
▼ + stars: | 2023-10-04 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe Acquire Licensing RightsPARIS, Oct 4 (Reuters) - Shares in French retailer Casino (CASP.PA) were suspended on Wednesday pending a statement, boosting speculation a final debt restructuring deal with creditors led by Czech billionaire Daniel Kretinsky to avert bankruptcy could be imminent. The deal, which massively dilutes shareholders, would bring an end to the 30-year reign of Casino CEO and controlling shareholder Jean-Charles Naouri, 74, who controls Casino via his listed holding company Rallye. On Sept. 29, Casino extended the deadline to Oct. 3, fuelling expectations an announcement was to come this week. The consortium led by Kretinsky would end up owning between 50.4% and 53% of Casino shares.

Persons: Stephane Mahe, Daniel Kretinsky, Jean, Charles Naouri, Kretinsky, Dominique Vidalon, Tassilo Hummel, Mark Potter, Elaine Hardcastle Organizations: REUTERS, Rights, Casino, Casino's, Thomson Locations: Nantes, France, Czech, France's

It leaves Kretinsky, who submitted a revised offer over the weekend proposing the equity injection, as the only bidder. The cash injection plan would lead to a 4.7 billion-euro reduction in overall debt, Casino said. Casino is saddled with net debt of 6.4 billion euros and is teetering on the brink of default. The board meeting followed a separate meeting between Casino's creditors and CIRI - France's finance ministry body that helps distressed companies and their creditors draw up restructuring plans. Kretinsky and Ladreit de Lacharriere would control the investment vehicle behind the 1.2 billion-euro equity injection, a source said.

Persons: Daniel Kretinsky, Kretinsky's, Xavier Niel, Jean, Charles Naouri, Kretinsky, Niel, Matthieu Pigasse, Moez, Alexandre Zouari, Casino, Marc Ladreit de, Ladreit, Mathieu Rosemain, Mike Harrison, Rosalba O'Brien Organizations: Casino, 3F, Attestor, French, Monde, Fnac, Metro, Forbes, Thomson Locations: Czech, PARIS, French, Paris, Casino, Britain, France, Germany

☆ Czech billionaire Kretinsky closes in on Casino after 3F abandons bid
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

Kretinsky has been vying to take control of Casino against the 3F Holding group, led by telecoms entrepreneur Xavier Niel, investment banker Matthieu Pigasse and businessman Moez-Alexandre Zouari. The group is saddled with net debt of 6.4 billion euros ($7.1 billion) and is teetering on the brink of default. "Today, after months of work, 3F has decided to not submit an offer," 3F said in a statement. Along with Marc Ladreit de Lacharrière’s Fimalac, he would inject 1.2 billion euros ($1.35 billion) in equity to take a 53% stake in France's sixth-largest retailer. The bidders would also convert 4.9 billion euros of debt into equity.

Persons: Daniel Kretinsky, Kretinsky, Xavier Niel, Matthieu Pigasse, Moez, Alexandre Zouari, 3F's, Marc Ladreit de, Fimalac, Casino, John Irish, David Holmes, Emelia Organizations: Casino, 3F, Attestor, Financial, Global Commerce, Financial Times, Thomson Locations: Czech, France's, Casino

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