It was a prerequisite for the entry of new investors. In a press release from the different holdings that control the distribution group, Casino confirms that the Paris Commercial Court has opened a conciliation procedure with the company’s creditors at its request.
“To date, the discussions with the holders of the Rallye debts guaranteed by the Casino securities placed in trust have not yet been successful. Under these conditions, the companies have decided to request the opening of a conciliation procedure in order to benefit from a greater protection. legal framework to continue negotiations with its creditors”, reads this press release.
This procedure is planned “for an initial period of four months, extendable if necessary for one more month,” the press release specifies.
Heavily indebted for a sum of 6,400 million euros, the Casino group must proceed with a capital increase. There are two candidates in the race: the Czech billionaire Daniel Kretinsky who proposes to contribute 1,100 million euros to enter the capital of the distributor and the Teract group, led by Moez-Alexandre Zouari with the support of Xavier Niel and Matthieu Pigasse who propose a industrial merger project between Casino and the In Vivo Retail group (Gamm Vert, Jardiland, Delbard, etc.).
It would be the project of Daniel Kretinsky, who would have been popular on the Casino’s board of directors for a few days for his largest cash contribution. The billionaire would demand as a condition for his entry into the capital a very substantial debt forgiveness of 3,600 million euros according to Le Figaro, the largest amount ever made in France for this type of act.
Source: BFM TV
