The French company Casino received two proposals to reinforce its own funds, in full efforts to reduce its significant debt and guarantee its economic sustainability, it announced on Tuesday. The group closed 2022 with a debt of 6,400 million euros (6,975 million dollars).
(Also read: Grupo Éxito wants to list its shares in the United States)
To save or regain control of the Casino, two groups of businessmen submitted offers, which the distributor’s board of directors and its creditors must now study.
Billionaires Daniel Kretinsky and Marc Ladreit de Lacharrière proposed a total recapitalization of 1.8 billion euros (1,960 million dollars), among these 500 million euros (545 million dollars) in a debt-for-equity swap, knowledgeable sources told AFP.
(Also read: The market foresees Gilinski’s second offer for Éxito and analyzes other interested parties)
The businessmen Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari plan to invest 900 million euros with “their financial partners” (981 million dollars), they indicated in a statement.
“No decision regarding these proposals will not be adopted” before the discussion with the creditors scheduled on Wednesday, will select the distribution group.
The group, which is seeking to at least preserve its activity in France, previously ruled out its desire to conclude an agreement in principle on the terms of its financial constitution by July 27.
At the end of June, it announced its desire to divest itself of its subsidiaries in Brazil (Grupo Pao de Açucar, GPA) and Colombia (Éxito), after selling its 11.7 percent stake in the Brazilian group Assai.
