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Strong Support For Casino Group’s Accelerated Safeguard Plans

CONSUMER STAPLES SECTOR
  • All creditor classes, at Casino Group, except one, overwhelmingly approved the draft accelerated safeguard plans after online voting on Wednesday and in-person voting yesterday (as did shareholders).
  • Green Yellow Holding opposed the plan, marking the only dissent across all classes.
  • We don’t yet see much in the way of any liquid prices for Casino bonds and their equity is yet to open.
  • The accelerated safeguard procedure was opened by the specialized commercial court of Paris on 25 October for two months and extended for two further months.
  • The plan aims to ensure the sustainability of Casino and its subsidiaries. Key components include a €1.2bn equity contribution at Casino's level, with €925mn from the Křetínský-led Consortium and €275mn available for subscription by various creditors.
  • Secured debt at Casino's level, totaling €4.5bn, will see €1.5bn converted into equity and the €2.1bn reinstated with extended maturities.
  • Unsecured debt treatment involves converting all Noteholders' Debt Claims and perpetual deeply subordinated notes known as TSSDIs (totalling around €3.5bn and $5mn) into equity, along with specific allocations and fees.
  • HY Quatrim bonds and related guarantees will be restructured, including a €553mn reinstatement at Quatrim level with a 3yr maturity extension and option for an additional year.
  • Additional restructuring measures beyond the plan include full repayment of Regera Bonds by Monoprix Exploitation, provision of new operational financing totaling approximately €1.2bn, and granting a new €75mn credit line for Monoprix Holding and Naturalia France.

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