Casino - comment

Waiver requests, denials and the question why bother!  Casino have sought waivers for the duration of the conciliation proceedings (until 25th October, at the latest).  

  • Agreement to the waivers was received from holders of the Quatrim.  

  • Agreement to the waivers was NOT received from the  2026 and 2027 Senior Unsecured Noteholders and therefore may trigger a cross-acceleration. Additionally, these note holders did not agree to forbear from exercising enforcement for their interest, due July 15 (€12m) and October 15th (€14m). 

  • Agreement to the waivers was NOT received from the holder (Fidera) of the bonds issued by Monorpix Exploitation responded negatively to the conciliators’ request.  

  • With respect to the RCF, the lenders have not yet responded to the Conciliators’ request for waivers for potential breach of financial covenants as of June 30th and September 30th.  As the RCF was fully drawn on 30th June, the covenant will be breached.  

So with waivers not received, the Company will request from the courts the application of délais de grâce pursuant to article L. 611-7 of the Commercial Code.  The court responsible for the conciliation proceedings has the power to grant the debtor a grace period of up to two years pursuant to Article 1343-5 et seq of the French Civil Code.  This appears excessively long given the Conciliation Process is for a maximum of 4 months (plus one additional month).  

Which begs the question: Why the need for the waivers?

Tomás MannionCASINO