Casino Guichard-Perrachon Reaches New Agreement in Principle With Creditors
19 September 2023 - 4:50PM
Dow Jones News
By Adria Calatayud
Casino Guichard-Perrachon has reached a new agreement in
principle with a group of creditors, while mediators in so-called
conciliation proceedings with debt holders applied for an extension
of the process until next month.
The French retailer said late Monday that it struck a deal in
principle with a group that represents a majority of holders of
bonds issued by Quatrim, which owns an entity that houses the
group's properties. Under the agreement, maturity on senior secured
notes of 553 million euros ($591.2 million) issued by Quatrim has
been extended to January 2027 from January 2024, with an option to
extend it by one additional year, Casino said.
The agreement also contemplates a ring-fencing of Quatrim's
assets--valued at around EUR752 million as of the end of 2022--,
resulting in the senior secured notes having limited ability to
claim Casino's assets, the company said.
Casino said the maturity extension will give time to its
property entity to launch an asset-sale plan and allow Quatrim to
reduce debt.
The deal is the latest step in a monthslong process during which
Casino, which has struggled with heavy debts and a sliding market
share in its home country, is seeking a financial restructuring to
keep its operations running.
Casino in July reached another ageement in principle with a
group formed by EP Global Commerce, Fimalac and Attestor--a
consortium led by Czech billionaire Daniel Kretinsky that also
includes billionaire financier Marc Ladreit de Lacharriere--and
some creditors that include French banks.
Moreover, Casino said conciliators filed an application with the
Paris Commercial Court for an extension until Oct. 25 of the
debt-restructuring talks between the company and its creditors that
began in June.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
September 19, 2023 02:35 ET (06:35 GMT)
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