Casino: court opens accelerated safeguard proceedings

By Marisa Wong

Los Angeles, Oct. 25 – Casino Guichard-Perrachon (Groupe Casino) announced the opening on Wednesday of accelerated safeguard proceedings for the benefit of the company and certain of its subsidiaries – Casino Finance, Distribution Casino France, Casino Participations France, Quatrim, Segisor and Monoprix – in order to implement the group’s restructuring plan in accordance with the terms of the lock-up agreement entered into on Oct. 5 as part of conciliation proceedings.

Casino noted that the accelerated safeguard proceedings only concern the financial debt of the company and certain of its subsidiaries and will have no impact on the group’s relations with its operating partners, in particular its suppliers and franchisees, or its employees.

The Paris Commercial Court opened accelerated safeguard proceedings for an initial period of two months, possibly renewable for a further two months up to a maximum total period of four months.

The court appointed Thevenot Partners (Aurelia Perdereau), FHBX (Helene Bourbouloux) and Abitbol & Rousselet (Frederic Abitbol) as judicial administrators.

In addition, Monoprix Holding, Monoprix Exploitation and Cdiscount have entered into conciliation protocols with their respective financial creditors, in order to implement the terms of the restructuring at the level of each of these companies.

The group applied for a record of these conciliation protocols from the president of the Paris Commercial Court.

As previously disclosed, the implementation of the capital increases planned as part of the financial restructuring plan, which should be completed by April 30, 2024 at the latest, will result in massive dilution for existing shareholders, and Rallye will no longer control Casino.

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

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