Retailer Casino seals lock-up on debt rescue deal led by Czech…
Casino, which was brought to the verge of default after years of debt-fuelled deals and recent losses in market share to rival supermarket groups, said the binding agreement was reached with the consortium led by Kretinsky’s company EPGC – alongside Casino’s biggest creditor Attestor, and second-biggest shareholder Fimalac, and along with secured creditors while discussions with unsecured creditors continue. Bonuses & Welcome Offers One of the biggest advantages of playing at online casinos is the variety of bonuses and welcome offers available.
BetinIreland.ie offers several different types of bonuses to new players, including a no deposit bonus and a matching deposits/welcome package. Thursday’s announcement finalises a July agreement in principle which called for 1.2 billion euros ($1.26 billion) of new money to be injected into Casino, as well as a reduction of Casino’s debt by 6.1 billion euros. 25 to obtain from a commercial court the start of an accelerated safeguard procedure under which it could approve the plan with the support of secured creditors and compel reluctant creditors to follow.
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The website uses encryption technology, two-factor authentication, and a dedicated fraud department to keep players safe. Security Measures in Place BetinIreland. If you adored this article so you would like to obtain more info pertaining to online casino that accepts paypal please visit our own webpage. ie takes the security of its customers very seriously and has several measures in place to ensure customer information is kept secure at all times. A self-professed lover of France, Kretinsky is also in talks to become the biggest shareholder in French IT consulting firm Atos, developing a portfolio of assets in the country after a string of investments in Britain with soccer club West Ham, retailer Sainsbury’s, and Royal Mail.
Naouri said the binding agreement “creates a favourable framework” for the long-term sustainability of Casino’s business, maintaining its workforce and head offices and continuing to develop its brands. On Thursday Casino said the binding debt deal was reached with the consortium led by Kretinsky’s company EPGC alongside Casino’s biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer’s secured creditors. The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye.
Casino will formally change hands at the end of March next year. “Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan,” CEO and controlling shareholder Jean-Charles Naouri said in a statement. The retailer, which is now France’s sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too.
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