Ashurst advises the group of EMTN bondholders in relation to Casino's financial restructuring

Ashurst is advising the group of EMTN bondholders of listed company Casino Guichard Perrachon S.A. ("Casino"), namely the EUR 1.2 billion French law unsecured notes issued under the Company’s EMTN programme maturing in 2024, 2025 and 2026, in connection with the approx. €7 billion financial restructuring of the Company.

On October 5, Casino announced that the Company had reached a lock-up agreement to restructure its financial debt resulting in a change of control in favor of a consortium composed of EP Global Commerce, Fimalac and Attestor. The agreement provides for a full equitization of the unsecured creditors, an equity injection and a reduction in Casino's net debt of €6.1 billion. Said agreement was approved by a majority of the secured and unsecured creditors of the Group.

The Ashurst Paris team is led by Noam Ankri (Restructuring Partner), supported, in restructuring by Elsa Decourt (Counsel), Astrid Hubert-Benoist (Senior Associate) and Victoire Gabai (Associate), in finance by Eric Fiszelson (Partner), and Audrey Lesage (counsel), and in regulatory by Hubert Blanc-Jouvan (partner).

Noam's team has extensive experience of the Casino Group and the food retail sector, having previously advised a group of senior creditors of Casino's parent company, Rallye, in connection with its €3 billion safeguard plan and the appeal against its extension.