Difference between revisions of "Casino Shareholders Creditors Clear Accelerated Protection Plan"
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| − | PARIS, Jan 12 (Reuters) - | + | PARIS, Jan 12 (Reuters) - Casino shareholders and creditors on Thursday gave the green light to a plan led by Czech billionaire Daniel Kretinsky to bail out the debt-ridden French retailer.<br><br>Sixteen out of 17 classes the shareholder and creditors were divided into to cast their votes - electronically and at a meeting held on Thursday - approved a draft protection procedure Casino entered into in October, [https://getb8.us Casino] said in a statement on Friday.<br><br>The procedure allows its future leadership to finalise a deal to restructure the group's debt and revive its business,<br><br>In December 2023, it was extended by two months to Feb. 25.<br><br>Casino shareholders (class 7) voted 98.87% in favour of the procedure, while it enjoyed far less success among EMTN, high yield and treasury bonds creditors (class 3), who voted 68.55% in favour, and creditors holding perpetual subordinated notes (class 6) of whom 75.62% voiced their approval.<br><br>A new leadership team formed around Kretinsky is set later this year to take control of France's seventh-largest supermarket group by market share, which was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rivals.<br><br>Current shareholders will be massively diluted under a restructuring deal which will end the 30-year reign of 74-year-old Jean-Charles Naouri, who controls Casino through his listed holding company Rallye.<br><br>Kretinsky's consortium will own and control 53.7% of Casino's share capital under the deal, which calls for 1.2 billion euros of new money to be injected into [https://getb8.us Casino], as well as a 6.1 billion euro reduction of Casino's debt. (Reporting by Dominique Vidalon and Piotr Lipinski; Editing by Benoit Van Overstraeten and Kim Coghill)<br><br>If you liked this write-up and you would like to get even more info concerning [https://getb8.us casino games no money] kindly browse through our web site. |
Latest revision as of 07:27, 22 February 2024
PARIS, Jan 12 (Reuters) - Casino shareholders and creditors on Thursday gave the green light to a plan led by Czech billionaire Daniel Kretinsky to bail out the debt-ridden French retailer.
Sixteen out of 17 classes the shareholder and creditors were divided into to cast their votes - electronically and at a meeting held on Thursday - approved a draft protection procedure Casino entered into in October, Casino said in a statement on Friday.
The procedure allows its future leadership to finalise a deal to restructure the group's debt and revive its business,
In December 2023, it was extended by two months to Feb. 25.
Casino shareholders (class 7) voted 98.87% in favour of the procedure, while it enjoyed far less success among EMTN, high yield and treasury bonds creditors (class 3), who voted 68.55% in favour, and creditors holding perpetual subordinated notes (class 6) of whom 75.62% voiced their approval.
A new leadership team formed around Kretinsky is set later this year to take control of France's seventh-largest supermarket group by market share, which was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rivals.
Current shareholders will be massively diluted under a restructuring deal which will end the 30-year reign of 74-year-old Jean-Charles Naouri, who controls Casino through his listed holding company Rallye.
Kretinsky's consortium will own and control 53.7% of Casino's share capital under the deal, which calls for 1.2 billion euros of new money to be injected into Casino, as well as a 6.1 billion euro reduction of Casino's debt. (Reporting by Dominique Vidalon and Piotr Lipinski; Editing by Benoit Van Overstraeten and Kim Coghill)
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