RALLYE S.A.: Opening of ad hoc mandate proceedings / Resumption of the listing of securities

Opening of ad hoc mandate proceedings

Resumption of the listing of securities

Paris, 25 April 2023

On 22 March 2023, the Boards of Directors of Rallye and of its parent companies acknowledged the results announced by Casino for the financial year ended on 31 December 2022 as well as the sale by Casino of 18.8% of Assaí’s share capital in order to accelerate its deleveraging. In this context, Rallye and its parent companies indicated that they would liaise with their creditors in order to examine the possibilities and possible ways of adjusting their safeguard plans.

Further to their press release of 22 March 2023, the Boards of Directors of the companies Rallye, Foncière Euris and Finatis, and the President of Euris, acknowledged the projects disclosed by Casino on 24 April 2023 regarding, in particular, the initiation of a consultation process with its creditors in order to be able to consider requesting the appointment of conciliateurs.

In view of the above, and considering that the opening of a conciliation procedure by Casino would constitute an event of default under Rallye’s debts secured by Casino’s securities held in trust (fiducie-sûreté)[1] and under the derivatives transactions entered into by Foncière Euris and Euris[2], Rallye, Foncière Euris, Finatis and Euris have requested and obtained today from the President of the Commercial Court of Paris the opening of ad hoc mandate proceedings (mandats ad hoc) to their benefit, under the aegis of SELAFA MJA (Me Valérie Leloup-Thomas) and of SELARL (Me Bernard Corre), for an initial period of three months (renewable), in order:

1. to solicit from the relevant creditors, under the aegis of ad hoc receivers (mandataires ad hoc), relief or waivers of events of default that may arise in respect of the abovementioned debts; and
2. more generally, (a) to pursue the examination with their creditors of the possibilities and potential terms and conditions for adjusting their plans, depending on the decisions that may be taken by Casino as part of the above-mentioned consultation process and (b) to assess the consequences of these decisions on the companies’ safeguard plans (plans de sauvegarde).

The ad hoc mandate procedure is an amicable procedure, with no impact on the safeguard plan or on the rights and obligations of the companies, their shareholders and the creditors of the companies involved.

The listing of all securities issued by the companies concerned will resume on 26 April, at market opening.

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Contact press:
PLEAD

Étienne Dubanchet +33 6 62 70 09 43 etienne.dubanchet@plead.fr

[1] Casino’s shares representing 11.7 % of Casino’s share capital have been placed in trust (fiducie-sûreté) by Rallye for the benefit of certain creditors, including Fimalac (cf. page 24 of Rallye’s 2022 Universal Registration Document, in French).

[2] Cf. Foncière Euris’ press releases dated 28 June 2022 and 29 July 2022