(AOF) – Casino (-7.51% to 2.59 euros) shows the second largest drop in the SBF 120 index while its parent company Rallye (-18.40% to 0.41 euro) is lantern red from the SRD market. The Saint-Etienne distributor, down 21.35% over the last five days, specified that it had obtained from lenders under the revolving credit facility (RCF) that they renounce to declare any anticipated payment on the basis of cases of default resulting directly from non-compliance with financial covenants as of June 30, 2023 (and not September 30, 2023, as announced on July 28, 2023).
On Friday, the group announced an “agreement in principle” with “some of its main creditors” on the recapitalization and restructuring offer from billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière backed by the British fund Attestor.
This agreement in principle provides for the signing of a binding agreement in September, “allowing the opening of an accelerated safeguard procedure in October”, specifies the group which has 200,000 employees worldwide, including a quarter in France. .
The acquiring trio will bring 1.2 billion euros in new money and the restructuring of Casino’s debt must take place “during the first quarter of 2024”.
The distributor recalled in the same press release that “in any event, Casino shareholders will be massively diluted and Rallye will lose control of Casino”.