French Grocer Casino Agrees Debt Deal With Opposing Creditors
Bloomberg
Casino Guichard-Perrachon has reached a debt restructuring agreement with opposing creditors, keeping Daniel Kretinsky's vehicle in control and allowing creditors to recover more value.Summary
French supermarket chain Casino Guichard-Perrachon SA has reached an agreement on restructuring its debt after facing opposition from a group of lenders to its initial plan. Under the deal, a vehicle ultimately controlled by Czech billionaire Daniel Kretinsky will remain in control of the grocery chain, which is set to be renamed Plesio. The plan envisages converting a similar amount of the €1.4 billion ($1.6 billion) term loan into equity as under the previous plan, but now stipulates that Kretinsky's vehicle will repurchase the newly-converted shares, allowing creditors to recover more value.
(Source：Bloomberg)