BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Casino group, on Thursday, issued a summary of the Group's financial debt structure. Total of the instruments of secured debt in principal amounts to 4.03 billion euros, while total of the instruments of unsecured debt in principal amounts to 3.59 billion euros. The Group noted that its financial indebtedness is also composed of the instruments issued by Casino, Guichard-Perrachon, Casino Finance and Quatrim.
Casino has informed the stakeholders in the conciliation proceedings that it considers necessary to convert into capital: all of the unsecured debt instruments and between 1 billion and 1.5 billion euros of secured debt, in order to reach a debt structure compatible with cash flow generation provided in the 2023-2025 business plan.
The Group aims at a net leverage ratio of 1,0x by 2025. Casino said its vision of the debt amounts to be converted into equity will be discussed with the potential new money equity providers as well as with the Group's financial creditors so that the final restructuring proposal may differ from such vision. Casino group stated that, in any event, the current shareholders of Casino will be massively diluted and Rallye will no longer control Casino.
Casino and the conciliators have requested that the stakeholders in the conciliation proceedings submit new money equity offers at the latest on 3 July 2023 in order to reach an agreement in principle on the terms of the financial restructuring by 27 July. The Group believes that this agreement will have to include an equity contribution of at least 900 million euros.
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