Categories: Business

The distributor’s defense plan is recognized by the Commercial Court of Paris

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.

Also read: Articles are reserved for our subscribers Casino shareholders in final vote: “They didn’t say it was getting worse”

The world with AFP

Reuse this content

Source link

Admin

Share
Published by
Admin

Recent Posts

100 million degrees for 48 seconds: South Korea’s ‘artificial sun’ moves closer to nuclear revolution

This is a new record that scientists from the Korea Fusion Energy Institute (KFE) have…

6 months ago

The report offers solutions for insurers facing future growth in natural disasters

Damages associated with drought, floods, hail and other increasingly violent events are expected to increase…

6 months ago

You still have time to claim this exciting investigation

An estimated 9 million people in the United States are still waiting for their final…

6 months ago

IDF recognizes “serious mistake” in killing seven members of NGO World Central Kitchen

The death of seven humanitarian workers from the American NGO World Central Kitchen in an…

6 months ago

Fortnite Shop Apr 3, 2024 – Fortnite

Today, at one o'clock in the morning, Gamer updates it Boutique de Fortnite Through the…

6 months ago

Sharon Stone tried to make a Barbie movie in the 1990s

The Basic Instinct and Casino actress looks back at a time in Hollywood when adapting…

6 months ago