The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye. Casino will formally change hands at the end of March next year. Casino’s Chief Financial Officer David Lubek said price cuts were bringing more customers into the retailer’s stores. Footfall in Casino supermarkets was up 4% over the past four weeks, the company said.
On Thursday Casino said the binding debt deal was reached with the consortium led by Kretinsky’s company EPGC alongside Casino’s biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer’s secured creditors. Casino faction was created in 1848. 25 to obtain from a commercial court the start of an accelerated safeguard procedure under which it could approve the plan with the support of secured creditors and compel reluctant creditors to follow.
Casino reiterated it had until Oct. “Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan,” CEO and controlling shareholder Jean-Charles Naouri said in a statement. BetinIreland.ie offers this type of bonus to new players which allows them to try out the site without having to risk any of their own money.
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