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.
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
