PARIS (Reuters) – Casino announced on Wednesday that a deadline had been set for July 3 for the submission of offers to contribute equity to the capital of the group, as part of the process of restructuring its debt.
In a press release, Casino also warned its shareholders that they would probably face a massive dilution of their investment as a result of this procedure and that Rallye, Casino’s parent company, would lose control anyway.
Two competing proposals to increase Casino’s capital to the tune of 1.1 billion euros have been presented, one involving the main shareholder Jean-Charles Naouri, boss of Rallye, and the French billionaire Xavier Niel, the other from businessmen Daniel Kretinsky and Marc Ladreit de Lacharrière.
In its press release, Casino states that it has set the date of July 3 with the conciliators “with a view to finalizing an agreement in principle on the terms of the financial restructuring by July 27”.
The group specifies that it sent Wednesday to the conciliation stakeholders proposals on the conversion into capital of the group’s unsecured and secured debt.
“Casino’s vision of the debt-to-equity conversion amounts will be discussed with potential equity contributors as well as with the Group’s financial creditors, so that the final restructuring proposal may differ from this vision,” he said. he.
“Regardless of the final restructuring plan, Casino shareholders will be massively diluted and Rallye will lose control of Casino,” he adds.
(Report Sudip Kar-Gupta, Jean-Stéphane Brosse)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
