French retailer Casino finalizes rescue deal led by Czech tycoon

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Although the amounts are considered miniscule to the high rollers, some money certainly sounds better than none. 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. 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. If you liked this post and you would like to receive much more information pertaining to 646 online casino kindly check out the web site. Oct 6 (Reuters) – The unions representing 53,000 hospitality workers in Las Vegas said on Friday they have seen “no real movement” this week in contract negotiations with casino-resort operators MGM Resorts International and Caesars Entertainment. A self-professed lover of France, Kretinsky is also in talks to become the biggest shareholder in French IT consulting firm Atos, developing a portfolio of assets in the country after a string of investments in Britain with soccer club West Ham, retailer Sainsbury’s, and Royal Mail.

25 to obtain from a commercial court the start of an accelerated safeguard procedure under which it could approve the plan with the support of secured creditors and compel reluctant creditors to follow. Casino reiterated it had until Oct. “Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan,” CEO and controlling shareholder Jean-Charles Naouri said in a statement.

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. Thursday’s announcement finalizes a July agreement in principle which called for 1.2 billion euros ($1.26 billion) of new money to be injected into Casino, as well as a reduction of Casino’s debt by 6.1 billion euros. The Culinary Workers and Bartenders unions are demanding higher wages, stronger protections against new technology that may threaten jobs, a reduction in steep housekeeping quotas and improved safety for workers.

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