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The moment of truth is approaching for Casino, weakened by 6.4 billion euros in debt. The creditors of the Saint-Etienne distributor are summoned this Thursday morning to Bercy, within the framework of the conciliation carried out since May 25 by Marc Sénéchal and Aurélia Perdereau under the aegis of the Commercial Court of Paris. Main purpose of this meeting: the presentation of the conclusions of the Independent Business Review (IBR) carried out by the specialized firm Accuracy. This independent financial study includes a provisional business plan setting assumptions for growth in turnover and Ebitda, and sets the working capital requirement to pay suppliers in the coming months.
So much crucial data to prepare the restructuring of Casino's debt, by fixing the need for new money and the new level of bearable debts. Creditors who have signed a confidentiality agreement and their advisers (bankers, lawyers) will be able to ask questions of Accuracy and Casino representatives. Some are waiting for the critical analysis of this IBR that they have commissioned from PwC.
Only the creditors being invited to this meeting, neither Daniel Kretinsky nor Fimalac will be represented there. Insofar as they jointly propose a capital increase of 1.1 billion euros, they nevertheless have access to a data room opened by Casino. This has recently also been the case for the trio Xavier Niel, Matthieu Pigasse and Moez-Alexandre Zouari, who have just sent Casino " a preliminary letter of intent proposing a strengthening of equity up to 1.1 billion euros. ".
The Kretinsky-Fimalac camp could present a firm recapitalization offer in the next few days, once Accuracy's report has been examined in detail. A source familiar with the matter believes, in fact, that Casino does not have four months ahead of him.
