(AOF) – As part of the conciliation procedure opened on May 25, the Casino Group announces in a press release that it is activating various levers in order to preserve its liquidity throughout the conciliation period, namely on September 25 (if applicable extended until October 25 at the latest). The Casino Group and the conciliators have the common objective of reaching an agreement in principle with the main creditors on the restructuring of the group’s financial debt by the end of July.
The distributor has indicated that it has reached an agreement in principle with the French State in order to defer the payment of the Group’s tax and social charges due between May and September 2023, i.e. an amount of approximately 300 million euros. This amount, granted in return for the granting of collateral, in particular first-rank pledges, will be paid by the Group on the date of completion of the financial restructuring.
In addition, the conciliators will in the coming days be asking all the financial creditors of Casino and its subsidiaries to suspend, for the duration of the conciliation period, the payment of interest (and other fees) owed by the companies in conciliation (i.e. approximately €130 million), as well as principal installments due during this period by the companies in conciliation (i.e. approximately €70 million).