Europe 1 with AFP 5:37 p.m., February 26, 2024
The Paris commercial court validated on Monday the safeguard plan for the distributor Casino, paving the way for the restructuring of its debt and its takeover by a consortium led by Czech billionaire Daniel Kretinsky.
The Paris commercial court validated on Monday the safeguard plan for the distributor Casino, paving the way for the restructuring of its debt and its takeover by a consortium led by Czech billionaire Daniel Kretinsky.
The group employing around 50,000 people in France entered into an accelerated safeguard procedure at the end of October in order to restructure its debt which had become unsustainable.
“There is reason to adopt the draft accelerated safeguard plan presented by the company” Distribution Casino France, the court ruled.
“Giving resources back” to the group
The validation of Casino's safeguard plan by the Paris commercial court on Monday will make it possible to "restore resources and thus breathing space" to a group "resized, reorganized and deleveraged", rejoiced Czech billionaire Daniel Kretinsky .
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“The road will still be long, with difficult times and will require a lot of effort from everyone, but I have no doubt of the success of our mission,” observed the businessman in a press release from the consortium of buyers also counting the billionaire Marc Ladreit de Lacharrière and the Attestor fund.