Casino - comment (corrected)

There is a winner, and it is not the unsecured creditors! Casino confirmed yesterday's news that 3F has pulled out of the race, leaving the EP Global Commerce and Fimalac, now joined by Attestor, (the Consortium) as the only bidder. The Board of Directors, on the back of the unanimous recommendation of the ad-hoc committee (comprising nearly all the independent directors), have denied continuing decided to continue negotiations with the Consortium as well as the creditors to reach an agreement in principle on restructuring by the end of July. 

The unsecured bondholders are diluted further receiving 1.8% of the post-re-org equity, c. €30m of value, or 1.35pts of value. The EV of the Company is expected to be c. €3.8bn post-restructuring.