Trading in shares of debt-ridden French retail chain Casino was suspended for one day today at the firm’s request. It is speculated that Casino will soon present a final debt restructuring agreement, under which a consortium led by Czech businessman Daniel Křetínský should acquire a majority stake in the company. This was reported by the Reuters agency.
Fresh capital
Křetínský and his business partner Marc Ladreit de Lacharrière agreed in principle in July to inject fresh capital in the amount of 1.2 billion euros into Casino. According to the July agreement, the consortium led by Křetínský should own 50.4 to 53 percent of Casino’s shares after the debt restructuring is completed.
Casino is the sixth largest retailer in France. Its debt is around 6.4 billion euros, Reuters wrote. The company’s share price has fallen by around 88 percent since the beginning of the year.
Second place
Křetínský belongs to the most influential figures in Czech business. It controls a number of industrial, commercial, financial or media companies in the Czech Republic and abroad. Forbes magazine ranks him in the second place among the richest Czechs in the latest ranking, estimating his assets at 9.2 billion dollars.
source: ČTK
