The French retail chain Casino, which is burdened with a debt of approximately 6.4 billion euros (150 billion crowns), appears to have avoided bankruptcy. The company agreed on debt restructuring with creditors led by Daniel Křetínský. The company made the announcement on its website today.
The firm also announced that the listing of Casino shares and other listed securities issued by the company, which was suspended on October 4, 2023, will resume today at the market open.
“This agreement was designed and in the interest of all parties involved, especially customers, employees, partners and other entities and franchisees. I would like to thank them for their support and all the Group’s teams for their continued and exemplary commitment and determination,” Casino CEO Jean-Charles Naouri wrote in a statement.
“The company is significantly over-indebted and requires fundamental restructuring and changes in the way of management. They burn an awful lot of cash. It’s a deadly spiral – an over-indebted company that ceases to function operationally. And that needs to be stopped,” said EPH Group’s main shareholder Daniel Křetínský in an interview with Forbes in July.