(News Bulletin 247) – The title of the Saint-Etienne distribution group is suspended from trading on Tuesday morning at the request of the company. Casino is moving towards a conciliation procedure with its creditors to ensure its survival.
The listing of Casino shares has been suspended since the opening on Tuesday on the Paris Stock Exchange at the request of the company, “pending the publication of a press release”, according to the established formula.
Casino has given itself until Tuesday 5 p.m. to launch a possible conciliation procedure with its creditors. The group is heavily indebted to the tune of 6.4 billion euros at the end of 2022, including 4.5 billion euros, just on its activity in France.
Rallye, its parent company also announced Monday the opening of a conciliation procedure with its creditors by the Paris Commercial Court, the first amicable procedure launched in April having failed. It is also in a difficult financial situation and is crumbling under 3 billion euros in debt.
The parent company of Casino explains that it “decided to request the opening of a conciliation procedure in order to benefit from a more protective legal framework to continue discussions” with the creditors.
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