The shareholders and creditors of Casino CASP.PA have given the green light to the safeguard plan for the heavily indebted distribution group, the group announced in a press release on Friday.
“Of the 17 classes of affected parties of the relevant Casino subsidiaries, 16 classes have approved the draft accelerated safeguard plans with the required majority,” the press release said.
Casino signed an agreement in October to restructure its debt with its main creditors, including billionaire Daniel Kretinsky, in order to avoid bankruptcy.
Last December, the accelerated safeguard procedure was extended by two months, until February 25, by the Paris commercial court.
(Dominique Vidalon, Piotr Lipinsky, ean-Stéphane Brosse for the French version)