French supermarket chain Casino Guichard-Perrachon has struck an agreement in principle covering the key terms of a restructuring of its finances.
According to a presentation from the supermarket chain, which is due to be renamed Plesio, an entity ultimately under the control of Czech billionaire Daniel Kretinsky will retain control following the transaction.
Plesio reached the agreement with France Retail Holdings (FRH), through which Kretinsky controls the company, and the term loan B (TLB) SteerCo, representing approximately 90% of the TLB principal.
FRH would inject €390m ($435.2m) of new money through a reserved share capital increase.
TLB principal would be cut from €1.4bn to €800m, with the debt reinstated for a five-year term and the remainder converted into equity.
FRH would hold a majority stake after completion and buy the shares TLB lenders hold after converting part of their debt.
Plesio CEO Philippe Palazzi said: “Our strengthened financial structure will enable us to look to the future with confidence. Building on its new identity, Plesio, and bringing its Île-de-France teams together at a single site, the Group will enter a new phase: the phase of its development.”
Existing shareholders would be diluted to below 0.1% of the post-operation capital structure.
The plan keeps Plesio's registered office in Saint-Étienne, continues its Renouveau 2030 business plan and backs the current management.
Plesio is finalising a lock-up agreement, targeting implementation of the restructuring by the end of March 2027.
Completion needs a favourable vote by impacted parties on amended accelerated safeguard plans, Paris Economic Affairs Court approval, agreed long-form documentation and fulfilment of required steps.
Before voting closes, TLB SteerCo members will drop appeals over how the classes of impacted parties are composed.
Once decisions approving the amended plans are confirmed as final, they will also drop proceedings seeking to terminate the existing accelerated safeguard plans.
Plesio's banking partners said they would put the terms to their credit committees with a favourable recommendation and request that the maturity of operational financing and related consents be extended until 4 January 2027.
The consents cover the restructuring talks and unpaid TLB interest due on 27 September 2026.
Quatrim bondholders gave a comparable consent.
TLB creditors and relevant RCF and operational financing creditors waived, by the required majorities, an event of default linked to non-compliance with the financial leverage ratio as of 30 September 2026.
In 2025, Plesio generated €12.5bn in business volume across approximately 6,500 stores and 25,000 employees.
The group operates seven core brands – Monoprix, Casino, Spar, Vival, Cdiscount, Franprix, and Naturalia – focused on everyday groceries, convenience meals, and daily services.
