French retailer Casino finalizes rescue deal led by Czech tycoon

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French retailer Casino finalizes rescue deal led by Czech tycoon

Wilbert 0 11 08.24 10:48
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The retailer, which is now France's sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too. If you loved this write-up and you would like to acquire a lot more info pertaining to บาคาร่า พร้อมสูตร kindly stop by the web-site. The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye. Casino will formally change hands at the end of March next year. Newport Casino was created in 1880.

Casino's Chief Financial Officer David Lubek said price cuts were bringing more customers into the retailer's stores. Footfall in Casino supermarkets was up 4% over the past four weeks, the company said. 25 to obtain from a commercial court the start of an accelerated safeguard procedure under which it could approve the plan with the support of secured creditors and compel reluctant creditors to follow.

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"Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan," CEO and controlling shareholder Jean-Charles Naouri said in a statement.

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