Casino Guichard-Perrachon Strikes New Deal with Creditors
Casino Guichard-Perrachon, the French retailer, has announced a new agreement in principle with a group of creditors. This comes as mediators in the conciliation proceedings with debt holders have requested an extension of the process until next month.
Under the agreement, a majority of holders of bonds issued by Quatrim, which owns a property entity of the Casino group, have agreed to extend the maturity on senior secured notes from January 2024 to January 2027. There is also an option to further extend it by one year. The total value of these notes is €553 million ($591.2 million).
In addition, the agreement includes a ring-fencing arrangement for Quatrim's assets, which are valued at approximately €752 million as of the end of 2022. This means that the senior secured notes will have limited ability to claim Casino's assets.
The extension of maturity provides the casino's property entity with sufficient time to launch an asset-sale plan and allows Quatrim to reduce its debt.
The new deal represents another milestone in Casino's ongoing financial restructuring efforts, as the company aims to address its heavy debts and declining market share in France.
Earlier in July, Casino had already reached an agreement in principle with a group consisting of EP Global Commerce, Fimalac, Attestor, and certain French banks. This consortium is led by Czech billionaire Daniel Kretinsky, in partnership with billionaire financier Marc Ladreit de Lacharriere.
Furthermore, Casino has revealed that conciliators have filed an application with the Paris Commercial Court to extend the debt-restructuring talks until October 25th. These talks originally began in June.
All Rights Reserved © 2024
Post a comment