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. Casino will formally change hands at the end of March next year.
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. Oct 5 (Reuters) — Czech billionaire Daniel Kretinsky has been on a buying spree in France, with three new investments so far this year. Most recently, supermarket group Casino finalised a deal to avert bankruptcy, which will leave a consortium led by Kretinsky with more than half of its shares.
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. The retailer, which is now France’s sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too.
A final X user wrote: ‘I always knew Benedict Cumberbatch would fit snug as a glove in a Wes Anderson movie, or in this case short movie. It runs at a breakneck pace but the rock solid story and visuals are there. The deal would also give Kretinsky a 7.5% stake in its remaining business, to be renamed Eviden. Kretinsky is in exclusive talks to buy Atos’s loss-making Tech Foundations branch in a 2 billion-euro deal via his EP Equity Investment vehicle, the French tech group said in August.
5 it had sealed a deal to avert bankruptcy through a debt restructuring agreed with its main creditors, led by Kretinsky. The French retailer said on Oct. A consortium led by Kretinsky will end up with 50.4% to 53% of Casino shares, based on the July agreement. This finalised a July agreement in principle that called for 1.2 billion euros of new money to be injected into Casino and a reduction of its debt by 6.1 billion euros. When you loved this informative article and you wish to receive more information with regards to online casino quebec reddit generously visit our web page. France’s Vivendi, controlled by billionaire Vincent Bollore, agreed in June to sell its publishing business Editis to International Media Invest (IMI), a subsidiary of Kretinsky’s Czech Media Invest (CMI).
Logistics firm DoDo, which provides fast delivery services to customers in e-commerce, retail and food delivery, said in May 2022 Kretinsky would inject 60 million euros ($63.16 million) into the group over two years to support its international expansion. EPH controls a total installed capacity of 14 gigawatts, according to the company’s website. The group, in which Kretinsky holds 50%+1 share, comprises more than 70 energy-related companies and reported combined revenue of 37 billion euros in 2022.