Casino - comment

Casino has extended the solicitation period until 23rd May to seek consent from bondholders to enter conciliation proceedings and not have an event of default. We would note that without any further information, it is unlikely that bondholders would accede to such demand blindly. With Teract CEO showing willingness to speak directly to Křetínsky, it is worth noting that it is Casino management who is solely responsible for entering into a conciliation process.