A Paris commercial court, Monday February 26, approved a rescue plan for struggling distributor Casino. This was the subject of adverse opinions from employee representatives and public prosecutors but he had no choice.
The decision paves the way for a March/April takeover of the distributor by billionaires Daniel Kratinsky and Marc Ledret de Lecharier, backed by Attestor Investment Fund.
it is “Consortium” Buyers that will be used to meet the deadline and restart the activity, in exchange for a very significant reduction in the deadline, providing a large part of the new money (925 million euros). .
“Lackluster” social aspect
The casino would have been in if it hadn’t been for the quick safeguard plan that casino management had negotiated furiously over several months with its creditors and its takeover candidates. “Catastrophic Economic Situation”recalled the judge-commissioner on February 12 during a public hearing regarding the distributor’s safeguard plan.
Despite the absence of an alternative, the Central Social Economic Committee (CSEC) and its advocates issued an adverse opinion on this rescue plan, deploring the inadequacy of its social component.
The public prosecutor also issued an adverse opinion on the safeguard plan, particularly regret “Very large disparity between the initially presented plan” And which the court should rule on, as well “Totally incomplete content of the social aspect”.
Once the rescue plan is approved by the court, the various capital increases should take place in March and the general meeting of the new shareholders should immediately decide on the new composition of the board of directors.
As for the sold-out stores, it will be done in three successive waves, on April 30, May 31 and July 1.
