on FONCIERE EURIS (EPA:EURS)
Major restructuring at Casino with consequences for Rallye and affiliated companies
The Paris Commercial Court approved the accelerated safeguard plans for Casino and its subsidiaries. This decision, made official on February 27, 2024, foreshadows a major financial restructuring planned for March 27, 2024, which will result in a significant dilution of the shares of current shareholders.
At the end of this process, Rallye, the reference shareholder, will see its stake in Casino fall to around 0.1%, de facto losing control over the company. This situation triggers early payment of Rallye's financing, linked to offers to repurchase its unsecured debt made between 2021 and 2022, plunging Rallye into a cessation of payments.
Consequently, Rallye and its affiliates Foncière Euris, Finatis and Euris anticipate the judicial liquidation of their structures, post-completion of the financial restructuring of Casino, the safeguard plans of these entities being interconnected.
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