Casino Shares Jump on New Agreement in Principle With Creditors
By Andrea Figueras
Shares in Casino Guichard-Perrachon rose on Tuesday after the company said that reached a new deal in principle with creditors.
At 0839 GMT, Casino shares traded 4% higher at EUR1.78.
The French grocer has reached an agreement in principle with a group that represents a majority of holders of senior secured notes issued by Quatrim, which owns an entity that develops and manages the group's properties.
Under the deal, maturity on senior secured notes of 553 million euros ($591.2 million) issued by Quatrim has been extended to January 2027 from January 2024 and Quatrim's assets will be ring-fenced, Casino said.
The maturity extension will give the group's property entity time to launch an asset-sale plan and allow Quatrim to reduce debt, Casino said.
For months, Casino has been trying to work with creditors in order to reduce its debt and continue its operations. The company's net debt stood at EUR6.1 billion at the end of June, compared with EUR6.4 billion at the end of last year.
This deal follows an agreement in principle Casino reached in July with a consortium comprised of EP Global Commerce, Fimalac and Attestor and other creditors, including French banks.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
September 19, 2023 04:55 ET (08:55 GMT)
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