Casino 2026 noteholders to vote on authorizing Aether rep to oppose or consent to requests

By Marisa Wong

Los Angeles, Aug. 30 – A convening notice was issued for holders of Casino Guichard-Perrachon (Groupe Casino)’s €900 million 2.798% notes due Aug. 5, 2026 (ISIN: FR0012074284).

Aether Financial Services, as representative of the masse of noteholders, is calling a general meeting for the noteholders.

The meeting will be held at 3 a.m. ET on Sept. 15. If a quorum is not met, a second meeting will be held at 3 a.m. ET on Sept. 25.

The purpose of the general meeting is for noteholders to confirm their position expressed at the general meeting on July 24 and confirm the mandate given to Aether to oppose the company’s requests; or, alternatively, instruct Aether to consent to the requests.

Background

Conciliation proceedings were opened on May 25 for the benefit of Casino and some of its subsidiaries for a period ending on Sept. 25 or, in the event of an extension, on Oct. 25.

The Paris Commercial Court order approving the conciliation proceedings also appointed SCP BTSG and Selarl Thevenot Partners as co-conciliators,

On June 22, the conciliators requested the consent of the representative of the masse (i) to temporarily waive during the conciliation proceedings duration the event of default resulting from the non-payment of interest becoming due on Aug. 5 owed to the 2026 noteholders; and (ii) to temporarily waive during the conciliation proceedings duration any cross-default or of cross-acceleration event which may occur in respect of the 2026 notes, resulting from the postponement or non-payment by a debtor of all or part of the payments due or becoming due during the conciliation proceedings duration, namely the interest in respect of the 2026 notes in the amount of €16,778,960 which became due on Aug. 7.

The noteholders refused that standstill request at the meeting held on July 24.

As a consequence of this refusal, and by virtue of a summons dated Aug. 22, the company summoned the representative of the masse, Aether, to appear, in an expedited procedure convened before the president of the Paris court in order to

• Request the postponement of the repayment obligations in respect of the 2026 note debts until the end of the company’s conciliation proceedings; and

• Confirm the suspension of the enforceability of the 2026 note debts by Aether on behalf of the noteholders as well as the suspension of all ancillary rights which may arise in connection with the enforceability of the debts until the end of the conciliation proceedings.

These are the requests that the 2026 noteholders will have their representative oppose or consent to at the upcoming general meeting.

Aether has been summoned to appear before the president of the Paris court on Sept. 7 in the presence of the company and the conciliators.

Aether has mandated King & Spalding International LLP, Hoche Avocats and Fernand Arsanios as legal counsel.

Meeting details

The general meeting requires holders of at least one-fifth of the outstanding principal amount of the 2026 notes to be present or represented.

Decisions at the general meeting will be taken by a two-thirds majority of the votes cast.

Holders of record as of 6 p.m. ET on Sept. 20 are eligible to participate.

Noteholders may contact Aether for more information on the meeting (casino@aetherfs.com; +33 6 02 00 91).

The issuer is a mass retailer with headquarters in Saint-Etienne, France.

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