Casino banks would plead for a refocusing of the group

PARIS (Agefi-Dow Jones)–The creditors of the French distributor Casino would like a strategic shift next year and would ask for the sale of the subsidiaries in South America as well as an alliance in France, reported Wednesday BFM Business.

In January 2024, Casino will have to repay a debt of 800 million euros and the banks do not seem ready to delay the deadline, according to BFM Business.

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 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.

Down 6.5% to 8.8 euros, the Casino share shows one of the biggest drops in the SBF 120 index.

-Pierre-Jean Lepagnot, Agefi-Dow Jones; +33 (0)1 41 27 48 19; [email protected] ed: ECH


Agefi-Dow Jones The financial newswire

Dow Jones Newswires

October 05, 2022 10:15 ET (14:15 GMT)

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