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.
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ANALYSTS AND INVESTORS CONTACTS
Christopher WELTON – cwelton.exterieur@groupe-casino.fr - Tel: +33 (0)1 53 65 64 17
or
IR_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 05
or
directiondelacommunication@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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