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The value of the duty of the French grocery casino decreased to the level of deep concern, as the fears grow, weak gains may cause violation of loan agreements next year.
CasinoFrance’s crowded food has lost market share in rivals in the retail sector, updated from debt markets in recent weeks, now quoting 1.4 billion euros in the euro in 61 kopecks.
Deep discount on the cost of the face, for the prospect of steep losses to lenders, more than a year after casino Scraping reconstruction More than 5 billion euros were deleted and exchanged for capital.
The previous owner of Cassinon, Jean-Charles Nauri, set up a global player with a number of high gifts in a variety of retailers. This was a large portfolio of supermarket and hypermarkets in France, which extends to Latin America from Asia.
However, it has been fighting under great debts, which has invested in the casino and became the seller had to surrender Agree to the reconstruction of a comprehensive debt in 2023 in 2023 Get in control of the Czech billionaire Daniel Křetínský.
Last year, the French supermarket group, which reported almost 9 billion euros, has a market value of less than 250 million euros. Its total debt was 2 billion euros in the late 2024.
A capital analyst in the Paris-based investment bank Bryan Garnier said that there is a need for more capital in the last record, 53 percent of Křetínský and can not write more capital.
Křetínský, a close man, a second capital increase could need “always remembered,” he said. The person added that if it could negotiate with creditors, but it would not be a completely debt reconstruction.
A number of reconstructed adviser, financial periods, said they were actively looking for mandates with different creditors of the casino for any potential discussions.
Casino refused to comment.
Debt investors, who are worried, said that the weak covenant of the weak gains of Casino said. In March, the auditors of sellers may require “immediate payment” with loans with loans that may affect the loans of a violation of loans.
Reconstruction last year, as part of the casino, agreed to a collection of serious conditions for a loan and a separate credit line of 1.4 billion euros in September. Inability to do this, it can lead to the debt to further the debt.
One of these conditions should be 8.34 times in net debt business. Casino, the rate of this goal was standing 14.6 times at the end of March, which decreased 4.9 times a year ago.
Genelot said that the casino could still comply with the terms of debt until the end of the year, but next year there was a “high risk” of a covenant.
Rating Agency Fitch CCC puts a bracket in CCC in CCC, a bracket showing the “significant credit risk” where “default is a real opportunity”.
Casino, a ten-year ago boasted a strong investment grade credit rating, the owner Naouri, was a widespread French elite for his employee.
The portfolio looked at the shops and branches to reduce the group’s openings and its debt and reduce its debt and traded in brands, including the valuable local network, brands and franprix.
Additional report by Euan Healy and Ian Johnston
