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Retailer Casino seals lock-up on debt rescue deal led by Czech billionaire Kretinsky By Reuters

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© Reuters. FILE PHOTO: A logo of French retailer Casino is pictured outside a Casino supermarket in Nantes, France, May 10, 2023. REUTERS/Stephane Mahe/File Photo

PARIS (Reuters) – Casino said on Thursday that it had finalised a binding lock-up agreement to restructure its debt with creditors led by Czech billionaire Daniel Kretinsky, to avert bankruptcy.

Casino, which was brought to the verge of default after years of debt-fuelled deals and recent losses in market share to rival supermarket groups, said the binding agreement was reached with the consortium led by Kretinsky’s company EPGC – alongside Casino’s biggest creditor Attestor, and second-biggest shareholder Fimalac, and along with secured creditors while discussions with unsecured creditors continue.

The listing of Casino shares which were suspended on Oct. 4 will resume on Thursday at the opening of the market, added Casino.

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