Casino's complex financial restructuring process continues. The committees of all the lending banks have agreed in principle to the group's requests, paving the way for amending the rescue plan and strengthening the financial structure by the end of 2026.
The banks' support involves two key steps. The first involves extending to Term Loan B creditors part of the guarantees already granted to banks. The second eliminates the condition that made any plan modification subject to the favorable vote of at least two-thirds of the investors involved in the loan.
Casino received the new version of the agreement on July 21, which was subsequently approved by the board of directors. The proposal builds on the plan presented on June 30 by France Retail Holdings, the holding company controlled by Daniel Křetínský, the group's controlling shareholder.
The goal is to initiate the process of amending the safeguard plans and sign the necessary conciliation protocols to complete the financial transactions by the second half of the year. For Casino, this step is essential to adjust debt to the group's new operating scale following the divestments and reduction in its scope.
The banks' support, however, does not end the dispute with the funds holding Term Loan B. In a letter sent to the conciliator on July 22, the creditors communicated that they did not intend to extend their consent beyond July 26 and that they were preparing a request to terminate the safeguard plan.
The dispute has now moved to the legal level. Casino has announced that it will defend its position before the Paris Economic Tribunal, which is called upon to rule on the amendments to the accelerated safeguard plans and the approval of the conciliation agreements.
The issue also concerns the balance between the various categories of financiers. The banks support an intervention that would guarantee greater flexibility to the group, while the funds are demanding stronger protection of their positions and are challenging the approach taken to amend the plan.
Casino also warned that the transaction would have a significant dilutive impact on current shareholders. The financial strengthening could therefore further alter the capital structure and reduce the weight of existing shareholdings.
The group will publish its estimates for the first half of 2026 on July 30. The data will provide an initial indication of the new business unit's ability to support the restructuring and the remaining financing needs.
