Sick French group casino looks like it's been bailed out. The retailer has reached an agreement with investor Daniel Cretinski, who holds control with creditors in principle.
Capital input, On the night of Thursday through Friday, the casino reached an agreement with an investor consortium led by its key creditor and Czech billionaire Daniel Cretinsky. 4.7 billion euros of financial debt is converted to equity and $1.2 billion of capital is injected into it.
Of the total, 925 million euros comes from three buyers: EP Global (Daniel Cretinsky's investment fund), Fimalac (the holding company of French businessman Marc Ladreit de Lacharrière), and British venture capital fund Pronser. They were already minority shareholders of the group and currently own 53% of the shares. The current director, Jean Charles Nouri, loses control of the group as a result of this work. 파워볼사이트 추천
A business plan, Operations are expected to be completed in the first quarter of 2024. The underwriters presented a business plan for the group. We will focus on disposing of real estate and focusing on a 'daily low price' strategy, investing in stores to improve service levels and fresh configurations, increasing marketing spending, improving private label delivery and franchising. Online Player C Discount becomes a marketplace. The plan calls for revenue to rise from 15 billion in 2024 to more than 17 billion in four years. EBITDA margins should reach 6.1% by then, which would be more than EUR 1 billion.
Casinos have been burdened by huge debts for years and earlier this week released disastrous figures with a net loss of 2.23 billion euros and a drop in first-half sales. The group is the sixth food retailer in the French market with brands such as Casino, Monoprix, Francix and Naturalia. The group is also active in Latin America.