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Bond Market News
Casino Guichard Weighs Rival Bids for Rescue
July 5, 2023
Casino Guichard is weighing the different offers it has received for a much needed equity injection to rescue the company. The latest offer comes from a group known as 3F, which represents three French businessmen. The offer constitutes €900mn ($979mn) of fresh money into the business, with an equity injection of €450mn ($489mn). This offer follows another offer Casino received last week from French company Fimalac that included about a €1.35bn ($1.5bn) equity injection. The offers come after Casino warned last month of requiring an equity injection of at least €900mn ($981mn) and to convert its debt into equity. With €7bn in total debt, Casino is looking to convert at least half of its debt into equity with maturity extensions for the remainder. Whilst Fimalac has given a firm offer, 3F’s interest is pending due diligence. Casino will host meetings with creditors today to decide the final offer it prefers for its restructuring plan, expected by end-July. It needs a 67% support from one creditor class to go ahead with the plan.
Casino’s bonds are trading at deeply distressed levels of 6-9 cents.
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