Mr. Daniel Křetínský, the second largest shareholder of Groupe Casino, surprised the market today (24 April 2023) with a proposal to inject up to €1.1bn of fresh liquidity in Casino France. However, his proposal comes with a number of conditions, most notably “a very substantial reduction in the group’s unsecured debt by way of cash repurchases and conversion into equity.”

Casino says it will consider this latest proposal alongside continuing its discussions with TERACT over its joint venture (JV) plan, but in the meantime said it will launch a consent solicitation today to waive potential events of default from entering into a conciliation process with its creditors.