Groupe Casino: Paris Commercial Court approves the accelerated safeguard plans for Casino and its subsidiaries
26 Februar 2024 - 8:30PM
Groupe Casino: Paris Commercial Court approves the accelerated
safeguard plans for Casino and its subsidiaries
Paris Commercial Court approves the
accelerated safeguard plans for Casino and its
subsidiaries
Paris, 26 February 2024
Casino announces that, by judgments dated 26
February 2024, the Paris Commercial Court, after having
acknowledged that all conditions precedent had been satisfied,
approved the accelerated safeguard plans for Casino (the
“Company”) and some of its subsidiaries1 examined
during the hearings held on 5 February 2024 and 12 February
2024.
The Paris Commercial Court has appointed
Thévenot Partners (Aurélia Perdereau), FHBX (Hélène Bourbouloux)
and Abitbol & Rousselet (Frédéric Abitbol) as practitioners in
charge of supervising the implementation of the accelerated
safeguard plans (commissaires à l’exécution du plan) for the
duration of the accelerated safeguard plans (i.e. four years).
Today’s judgments may be appealed by the
court-appointed administrators, the judicial representatives, the
central social and economic committee of Distribution Casino France
(for the Distribution Casino France’s judgment only), the employee
representative of the Company (for the Company’s judgment only) and
the public prosecutor. These judgments may also be subject to
third-party proceedings. With the exception of the public
prosecutor's appeal, none of these appeals has suspensive
effect.
In the absence of a suspensory appeal, it is
anticipated that all transactions provided for in the financial
restructuring will be completed on 27 March 2024, subject to
approval by the Autorité des marchés financiers of the prospectus
relating to the various securities issuances provided for in
Casino's accelerated safeguard plan.
As indicated on several occasions by Casino in
its previous communications, the implementation of share capital
increases planned as part of the financial restructuring plan will
result in massive dilution for existing shareholders (who will hold
less than 0.3% of Casino's share capital, including around 0.1% for
Rallye) and Rallye will lose control of Casino to the benefit of
the consortium (composed of EP Equity Investment III s.à r.l.,
Fimalac and Attestor).
Casino will keep the market informed in due
course of the next steps in the restructuring.This press release
was prepared solely for information purposes and should not be
construed as a solicitation or an offer to buy or sell securities
or related financial instruments. Likewise, it does not provide and
should not be treated as providing investment advice. It has no
connection with the specific investment objectives, financial
situation or needs of any receiver. No representation or warranty,
either express or implied, is provided in relation to the accuracy,
completeness or reliability of the information contained herein.
Recipients should not consider it as a substitute for the exercise
of their own judgement. All the opinions expressed herein are
subject to change without notice.
***
ANALYSTS AND INVESTORS
CONTACTS
Christopher WELTON –
cwelton.exterieur@groupe-casino.fr - Tel: +33 (0)1 53 65 64
17orIR_Casino@groupe-casino.fr - Tel: +33 (0)1 53
65 24 17
PRESS CONTACTS
Groupe Casino – Communications
Director
Stéphanie Abadie - sabadie@groupe-casino.fr –
Tel: +33 (0)6 26 27 37
05ordirectiondelacommunication@groupe-casino.fr -
Tel: + 33(0)1 53 65 24 78
Agence IMAGE 7
Karine Allouis - kallouis@image7.fr - Tel: +33
(0)6 11 59 23 26
Laurent Poinsot - lpoinsot@image7.fr - Tel: +
33(0)6 80 11 73 52
Franck Pasquier - fpasquier@image7.fr – Tel: +
33(0)6 73 62 57 99
1 Casino Finance, Distribution Casino France,
Casino Participations France, Quatrim, Ségisor, and Monoprix
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