HomeEconomyCasino announces a new agreement in principle with some of its creditors

Casino announces a new agreement in principle with some of its creditors

The Casino group also requested an extension until October 25 of the conciliation period on the restructuring of its debt.

In a statement published this Monday, the Casino group announced that it had closed a new agreement in principle with a new group of creditors who were not affected by the first agreement announced in July regarding the restructuring of its colossal debt.

Request to extend the conciliation period

In addition, Casino also claims to have “requested today from the Paris Commercial Court to extend the conciliation period until October 25, 2023.” This conciliation period opened on June 2.

The first agreement in principle concluded at the end of July provided for the signing in September of a binding agreement in which the signatories undertake to “support and carry out any measures or actions reasonably necessary” to complete the restructuring. An accelerated safeguard procedure is planned “for the month of October” for the group, which has 200,000 employees worldwide, a quarter of whom are in France.

Author: Paul Louis with AFP
Source: BFM TV

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