The Paris commercial court validated, this Monday, February 26, the safeguard plan of the distributor Casino, according to the judgment consulted by AFP, paving the way for the restructuring of its debt and its takeover by a consortium led by the Czech billionaire Daniel Kretinsky.
The group employing around 50,000 people in France entered into an accelerated safeguard procedure at the end of October in order to restructure its debt which had become unsustainable. “There is reason to adopt the draft accelerated safeguard plan presented by the company” Distribution Casino France, the court ruled.
It is this consortium of buyers – led by Daniel Kretinsky and Marc Ladreit de Lacharrière, backed by the Attestor investment fund, by March/April, which allows the rescue of a group adrift, by providing a large part ( 925 million euros) new money (1.2 billion euros) to be used to meet deadlines and revive activity, in exchange for a very significant reduction in debt. Now that the rescue plan has been approved by the court, the various capital increases must take place in March and a general meeting of new shareholders must immediately decide on the new composition of the board of directors. As for the stores sold, they will be done in three successive waves, on April 30, May 31 and July 1.