Major restructuring for Casino: towards a liquidation of the holding companies

The Paris Commercial Court approved the accelerated safeguard plans for Casino and its subsidiaries, announcing a large-scale financial restructuring planned for March 27, 2024. This restructuring will result in significant dilution for Casino's current shareholders, with Rallye will find itself holding only 0.1% of the capital.

As a result, Rallye would anticipate a cessation of payments immediately following the restructuring, having lost control of Casino. This situation triggers early payment of the financing obtained during the 2021 and 2022 buyback offers for its unsecured debt. Rallye would then be forced to request the resolution of its safeguard plan and the opening of judicial liquidation proceedings.

The affiliated holding companies, namely Foncière Euris, Finatis and Euris, linked by interdependent safeguard plans with Rallye, would follow the same path towards judicial liquidation. The restructuring of Casino therefore has profound implications, affecting the entire group and its holding companies.