(Update: clarification on Casino’s bond debt maturing in January 2024 and new share price)
PARIS (Agefi-Dow Jones)–The creditors of the heavily indebted French retailer Casino want a strategic shift next year and are asking for the sale of subsidiaries in South America as well as an alliance in France, BFM Business reported on Wednesday. .
In January 2024, Casino will have to repay a bond debt of 750 million euros, according to figures communicated on the occasion of the group’s half-year results.
By October 18, Casino will finalize the sale of its French subsidiary specializing in the supply and production of electricity, GreenYellow, whose proceeds will amount to 600 million euros. An amount far from allowing it to repay its debt which amounted to 7.46 billion euros in the first half of 2022.
Contacted by Agefi-Dow Jones, a Casino spokesperson declined to comment on “an article based on allegations made on condition of anonymity”.
Last September, Bryan, Garnier & Co. estimated that it was only a matter of time before Casino could no longer respect its financial covenants despite the sale of GreenYellow. According to the financial intermediary, the problem of the covenants will arise again from the beginning of 2023, since the group continues to draw on its cash.
At the end of the session, the Casino share fell by 6.7%, to 8.80 euros, showing one of the largest drops in the SBF 120 index.
-Pierre-Jean Lepagnot, Agefi-Dow Jones; +33 (0)1 41 27 48 19; [email protected] ed: ECH – LBO
Website: https://www.bfmtv.com/economie/les-banques-de-casino-poussent-a-un-recentrage-sur-la-france_AV-202210050044.html
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
October 05, 2022 11:24 ET (15:24 GMT)