{"id":13241,"date":"2024-02-15T07:23:06","date_gmt":"2024-02-15T07:23:06","guid":{"rendered":"http:\/\/river-gas.com\/?p=13241"},"modified":"2024-02-15T07:23:06","modified_gmt":"2024-02-15T07:23:06","slug":"casino-shareholders-creditors-clear-accelerated-protection-plan","status":"publish","type":"post","link":"https:\/\/river-gas.com\/index.php\/2024\/02\/15\/casino-shareholders-creditors-clear-accelerated-protection-plan\/","title":{"rendered":"Casino shareholders, creditors clear accelerated protection plan"},"content":{"rendered":"

PARIS, Jan 12 (Reuters) – Casino<\/a> shareholders and creditors on Thursday gave the green light to a plan led by Czech billionaire Daniel Kretinsky to bail out the debt-ridden French retailer.<\/p>\n

Sixteen out of 17 classes the shareholder and creditors were divided into to cast their votes – electronically and at a meeting held on Thursday – approved a draft protection procedure Casino entered into in October, Casino said in a statement on Friday.<\/p>\n

The procedure allows its future leadership to finalise a deal to restructure the group’s debt and revive its business,<\/p>\n

In December 2023, it was extended by two months to Feb. 25.<\/b><\/u><\/p>\n

Casino shareholders (class 7) voted 98.87% in favour of the procedure, while it enjoyed far less success among EMTN, high yield and treasury bonds creditors (class 3), who voted 68.55% in favour, and creditors holding perpetual subordinated notes (class 6) of whom 75.62% voiced their approval.<\/p>\n

A new leadership team formed around Kretinsky is set later this year to take control of France’s seventh-largest supermarket group by market share, which was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rivals.<\/p>\n

Current shareholders will be massively diluted under a restructuring deal which will end the 30-year reign of 74-year-old Jean-Charles Naouri, who controls Casino<\/a> through his listed holding company Rallye.<\/p>\n

Kretinsky’s consortium will own and control 53.7% of Casino’s share capital under the deal, which calls for 1.2 billion euros of new money to be injected into Casino, as well as a 6.1 billion euro reduction of Casino’s debt. (Reporting by Dominique Vidalon and Piotr Lipinski; Editing by Benoit Van Overstraeten and Kim Coghill)<\/p>\n

If you enjoyed this information and you would such as to obtain even more facts concerning online casino slot gambling<\/a> kindly see the page.<\/p>\n","protected":false},"excerpt":{"rendered":"

PARIS, Jan 12 (Reuters) – Casino shareholders and creditors on Thursday gave the green light to a plan led by Czech billionaire Daniel Kretinsky to bail out the debt-ridden French retailer. Sixteen out of 17 classes the shareholder and creditors were divided into to cast their votes – electronically and at a meeting held on […]<\/p>\n","protected":false},"author":6844,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2107],"tags":[2132],"class_list":["post-13241","post","type-post","status-publish","format-standard","hentry","category-loans","tag-online-mobile-slots"],"_links":{"self":[{"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/posts\/13241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/users\/6844"}],"replies":[{"embeddable":true,"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/comments?post=13241"}],"version-history":[{"count":1,"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/posts\/13241\/revisions"}],"predecessor-version":[{"id":13242,"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/posts\/13241\/revisions\/13242"}],"wp:attachment":[{"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/media?parent=13241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/categories?post=13241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/river-gas.com\/index.php\/wp-json\/wp\/v2\/tags?post=13241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}