Casino, Guichard-Perrachon U.S. recognition hearing set for March 21

By Sarah Lizee

Olympia, Wash., Feb. 16 – Casino, Guichard-Perrachon SA (Groupe Casino) had the hearing on U.S. recognition of its French proceedings scheduled for March 21, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

As background, in July 2023, Casino said it received a preliminary investment offer by EPGC AS and Fimalac and another offer from 3F, an investment firm set up by Moez-Alexandre Zouari, Xavier Niel and Matthieu Pigasse, and the funds Attestor, Davidson Kempner and Farallon.

Following talks with the bidders, a single revised takeover offer was received from EPGC and Fimalac, to which the fund Attestor joined, forming a consortium.

The consortium’s acquisition vehicle will be controlled by EP Equity Investment III Sarl, a company controlled by Czech billionaire Daniel Kretinsky.

Negotiations continued through late July 2023, resulting in an agreement in principle between Casino, the consortium and the company’s main secured creditors.

Banking groups representing more than two-thirds of revolving credit facilities also confirmed that they would support the agreement in principle. Discussions continued with bondholders, which led to another agreement reached in September.

The group announced in early October that it entered into a lockup agreement formalizing the terms of the agreement in principle.

Discussions were also held with the group’s unsecured creditors, who were given until Oct. 17 to indicate their agreement to the restructuring.

Casino started accelerated safeguard proceedings in France on Oct. 25.

In summary, the restructuring provides for the contribution of €1.2 billion of equity in cash, including: €925 million subscribed by the consortium; and €275 million open by order of priority to secured creditors, unsecured creditors, holders of undated deeply subordinated bonds, all creditors and, if applicable, shareholders, fully backstopped by a group of creditors.

Casino is a food retailer based in Saint-Etienne, France. The company filed its Chapter 15 petition on Feb. 15 under case number 24-10252.

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