The Paris Commercial Court, which examined the speedy rescue plan for the big retail chain casino in a public hearing on Monday, will deliver its verdict on February 26 at 3pm. This is the last expected step before the recognition of the takeover of the group by the new buyers.
Scheduled last week, the hearing to deal with the case of the casino group’s quick rescue plan was finally rescheduled for Monday, February 12. As a reminder, it was adjourned by the court following a request from the Central Social Economic Committee (CSEC), which had expressed reservations over the crucial plan by the committee’s lawyers. “Social Aspect”.
Fewer people were in court, noted AFP, which reported on the hearing France 24. Jean-Charles Nouri, CEO for a few more weeks, was notable for his absence, unlike Philippe Palazzi, who would become the group’s general director if the safeguard plan is approved and if the group comes under the control of billionaires Daniel Kratinsky and Marc. Ladreit de Lacharrière, supported by Attester Investment Fund. Lawyer Sam Golshani was also present to defend the buyers’ point of view in this takeover along with Daniel Kretinksi.
A constant difference between casino management and CSEC
During the interventions, the current management as well as administrators and legal representatives gave a favorable opinion to the plan. Which is far from being the case for the CSEC lawyers who, once again, regretted the inappropriateness of the social aspect and the issuance of an unfavorable opinion. “Employees still don’t know how many posts will be eliminated, what will be the reclassification measures, what will be the compensation”Olivier Debine argued, One of the lawyers on this committee.
Indeed, this safeguard plan was negotiated and as of today, the group has “cape” with its competitors Auchan, Intermarche And Crossroads 288 large stores, supermarkets and hypermarkets to sell them. A large-scale operation that will result in the transfer of around 12,800 personnel and will have serious consequences for the group’s remaining support functions. In total, unions estimate that 6,000 jobs are at risk.
Buyers’ commitments are considered imprecise
On the side of the consortium of buyers, there are commitments “Preserve as much employment as possible” and Maintain headquarters in Saint-Etienne. Regarding employees who will change brands, a “A Specific Mission to Measure Social Outcomes” will be implemented, a spokesman recalled Monday. However, inter-union commitments were not achieved “Certain, Standardized and Solid from the Consortium” on “Supra-legal compensation” Also on top “Opportunities for Voluntary Departure” mentioned.
Adverse opinion of the Public Prosecutor
The Public Prosecutor also issued an adverse opinion on the plan, specifically A “Very large disparity between the initially presented plan” And which the court should rule on, as well “Totally incomplete content of the social aspect”. While awaiting the February 26 ruling, the casino’s future therefore remains in limbo that could well result. “Situation of Cessation of Payment” In case of rejection of the plan by the court, remember the commissioner judge.
On the contrary, if the plan is approved, the process of changing hands will be finalized with new buyers entering the race next March.