Creditors strike deal with supermarket Casino's holding company Rallye

Finatis SA

16/06/2023 18:59

PARIS, June 16 (Reuters) - Rallye  GENC.PA , the holding
company behind debt-ridden French supermarket retailer Casino
 CASP.PA , said on Friday that it had reached a deal with its
creditors.
    "Under the terms of this agreement, the relevant creditors
waived their right to trigger any event of default resulting
from the opening of the conciliation proceedings in favor of
Casino by the President of the Commercial Court of Paris on May
25 and announced by Casino in a press release dated May 26,"
said Rallye.
    "In return, each of the relevant creditors will benefit from
the right, which may be exercised at its sole option and at any
time, to take ownership of its portion of Casino's securities
held in trust or to direct the trustee to sell them, in each
case in repayment of its stake in the relevant financing," added
Rallye.
    

 (Reporting by Sudip Kar-Gupta; editing by Diane Craft)
 ((sudip.kargupta@thomsonreuters.com;))