the commercial court will deliver its judgment on February 26

the commercial court will deliver its judgment on February 26

The Paris commercial court will make public its judgment concerning the proposed accelerated safeguard plan for the struggling distributor Casino on February 26 at 3 p.m., it announced Monday after a public hearing.

The court must rule on the rescue plan for Casino, which employed 50,000 employees in France at the end of 2022 under different brands (Monoprix, Franprix or CDiscount).

The change of shareholder approved?

The hearing, initially scheduled for February 5, had been pushed back this Monday, February 12.

If this plan is properly approved, it will lead to a change in the distributor’s shareholding, which will pass into the hands of billionaires by March/April. Daniel Kretinsky And Marc Ladreit de Lacharrièrebacked by the Attestor investment fund.

It is this “consortium” of buyers which allows the rescue of a group adrift, by providing a large part (925 million euros) of the new money (1.2 billion euros) intended to be used to meet deadlines and restart activity.

Fears about the social aspect

CSEC lawyers argued on February 12 that, while the sale of a large number of Casino stores at Intermarché, Auchan and Carrefour, which will have consequences on the group’s logistical or administrative jobs, the social aspect of the accelerated safeguard plan for the Casino brands is insufficient at best.

According to a spokesperson for the consortium, the buyers are open to the prospect of going “beyond legal compensation and including a voluntary departure plan in the process”.



Source link