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Debt-ridden French food retailer Casino has finalized a capital injection led by Czech billionaire Daniel Křetínský and a debt restructuring agreement to prevent a default.
The binding agreement builds on the terms of an agreement reached in July. It locked in a €1.2 billion in new capital led by Křetínský and its partners and reduced the company’s debt by €6.1 billion.
Shareholders will be significantly diluted and control of the company will pass from Jean-Charles Naouri to a group led by Křetínský. Jean-Charles Naouri used high debt to build the casino and ran it for decades. All unsecured debt will be converted into equity.
“The Casino has reached an important milestone in its financial restructuring process, having obtained the consent of its main creditors to a financial restructuring plan that creates a favorable framework for the sustainability of the Group’s activities, the continuation of employment and headquarters, and the continued development of all its assets Brand,” Naouri said.
This year alone, the company’s stock price has plunged more than 88%.
Casino said it would continue to try to reach an agreement with creditors who did not sign the agreement.
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