Casino: TLB lenders group requests rejected, appeal ongoing
The Saint-Étienne distributor provided an update on legal proceedings initiated by a group of TLB lenders, as part of the financial restructuring and strengthening process it intends to complete by the end of 2026.
Casino indicated that a group of TLB lenders initiated legal proceedings relating to the constitution of affected parties classes, with a view to modifying the group's accelerated safeguard plans.
By orders issued on August 17, 2026, the judge-commissioner in charge of the accelerated safeguard proceedings, appointed by the Paris Economic Court, declared the TLB lenders' requests inadmissible and rejected them in their entirety.
The group was informed on August 27, 2026 of the appeal filed on August 24, 2026. Casino stated that it will assert its rights before the Paris Court of Appeal.
Continuation of financial strengthening by end of 2026
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The group indicated that it is continuing its work towards implementing the financial restructuring and strengthening process by the end of 2026.
This communication follows the announcements released by the group on August 6, 2026, when it reported the signing of settlement agreements with its banking partners relating to new credit and a guarantee.
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.
