PARIS, Oct 5 Reuters Casino said on Thursday that it had finalised a binding lockup agreement to restructure its debt with creditors led by Czech billionaire Daniel Kretinsky, to avert bankruptcy.

Casino, which was brought to the verge of default after years of debtfuelled deals and recent losses in market share to rival supermarket groups, said the binding agreement was reached with the consortium led by Kretinsky39;s company EPGC alongside Casino39;s biggest creditor Attestor, and secondbiggest shareholder Fimalac, and along with secured creditors while discussions with unsecured creditors continue.

The lockup finalises a July agreement in principle which called for 1.2 billion euros 1.26 billion of new money which would be injected into Casino, as well as a reduction of Casino39;s debt by 6.1 billion euros.

Casino shares, which had been suspended, will also resume trading on Thursday.

The deal, which massively dilutes shareholders, would bring an end to the 30year reign of Casino CEO and controlling shareholder JeanCharles Naouri, 74, who controls Casino via his listed holding company Rallye.

Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan that creates a favourable framework for the sustainability of the group39;s activities, the continuation of jobs and head offices, and the continued development of all its brands, said Naouri in a statement.

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