Casino Adopts Restructuring Plan from Its Main Shareholder
Casino Group has decided among multiple financial restructuring proposals. The board of directors has chosen the plan presented by its main shareholder, deemed to best serve the company's interest.
Casino Group has completed the review of financial restructuring proposals received from its TLB creditors and its main shareholder. The board of directors, consisting solely of directors free from any conflict of interest, determined that in the absence of consensus, the proposal from the main shareholder best serves the corporate interest of the group. This decision comes after the documents were reviewed by the ad hoc committee. The choice remains subject to two conditions: the improvement of the guarantees aspect for the TLB creditors to align them with those of the banks, and the lifting by the banks of their prerequisite requiring the agreement of two-thirds of the TLB creditors to modify the safeguard plan.
Banks to Make a Decision Before July 20
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At the request of Casino Group, the banks have indicated that they will refer these issues to their respective credit committees for a decision before July 20, 2026. The group plans, subject to the approval of the board of directors, to initiate the amendment procedure of the safeguard plan by the end of July, aiming to implement the restructuring operations by the end of the second half of 2026.
Significant Dilution Expected for Current Shareholders
The group reminds that the amendment of the safeguard plan would result in significant dilution for the existing shareholders.
The Group confirms its objective of break-even free cash flow before financial expenses in 2026
Risks mentioned
Covenant breach : ratio net leverage 7.33x au 30/09/2026, au-delà du seuil maximal 6.11x ; risque de défaut sans waiver des créanciers
Climat social dégradé en France : looting et vandalismes affectant ~50 magasins du groupe, affectant opérations et trésorerie
Environnement de consommation contraint : pression pouvoir d'achat persistante, inflation énergie et carburants impactant logistique et marge
Opportunities identified
Marketplace croissance +11.9% en Q3 2026 et +12.3% sur 9 mois, représentant 73% du GMV produits
Concepts innovants (Franprix Oxygène +4.3% LFL, Spar Origines, Casino identity, Naturalia La Ferme) montrant une adhésion clients et croissance accélérée
Amélioration de l'EBITDA ajusté de +€42m cumulé (9 mois 2026 vs 2025), reposant sur la massification achats, réduction shrinkage et rationalisation réseau
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
