French retailer Casino reaches deal on financial restructuring
Casino, soon renamed Plesio, agreed with Daniel Kretinsky's FRH and TLB lenders on a financial restructuring that cuts debt and gives FRH control.Summary
French supermarket chain Casino Guichard-Perrachon, to be renamed Plesio, has reached an agreement in principle on the key terms of its financial restructuring with France Retail Holdings, controlled by Czech billionaire Daniel Kretinsky, and the term loan B steering committee representing about 90% of TLB principal. FRH will inject €390m of new money, TLB principal will be reduced from €1.4bn to €800m with the remainder converted to equity, and existing shareholders will be diluted below 0.1%. FRH will hold a majority stake after completion and buy the shares TLB lenders receive from their debt conversion. The plan keeps the registered office in Saint-Étienne, continues the Renouveau 2030 business plan, and backs current management under CEO Philippe Palazzi. Plesio is finalising a lock-up agreement, targeting implementation by the end of March 2027, subject to creditor votes, Paris Economic Affairs Court approval, and other conditions. Creditors have waived a default linked to the financial leverage ratio as of 30 September 2026. In 2025, the group generated €12.5bn in business volume across about 6,500 stores and 25,000 employees, operating brands including Monoprix, Casino, Spar, Vival, Cdiscount, Franprix, and Naturalia.
(Source：Retail Insight Network)