Casino guichard: Suspension of charges, sale of the rest of Assai…Casino does everything to free up money

(BFM Bourse) – The distribution group announced on Thursday that it would sell the rest of its stake in the Brazilian distribution group Assai. The day before, the company had announced various measures to protect its cash.

While the future of Casino now largely depends on judges and its creditors, the group is intensifying measures to preserve its cash flow as much as possible and/or free up cash.

The distribution group thus announced on Thursday that it had begun the process of selling the rest of its stake in the Brazilian Assai, i.e. 157.58 million shares corresponding to 11.7% of the capital.

“This transfer will be carried out by the creation of an accelerated order book carried out by the São Paulo Stock Exchange in accordance with the applicable rules of this marketplace. Casino will communicate the result of this placement”, the company indicated.

At the current price, this “represents around 400 million euros”, emphasizes a Parisian analyst, who nevertheless recalls that these sales of blocks of shares generally take place at the price of an often significant discount.

State requested

This sale comes a day after announcing measures taken to protect the group’s cash.

Casino has thus indicated that it has requested and obtained a deferral of tax and social charges in the amount of 300 million euros, which will be paid once the financial restructuring is completed.

The conciliators – Casino has actually been in the conciliation procedure since the end of May – will also, in the coming days, request all the financial creditors of Casino and its subsidiaries for the “suspension for as long as the conciliation period lasts (ie until October 25, no later than 2023), payment of interest (and other commissions) to be paid by the settlement companies (i.e. approximately 130 million euros), as well as the installments to be paid during this period by the settlement companies (i.e. approximately 70 million euros )”, explained the company.

Casino expects to reach an agreement in principle with its creditors on the restructuring of its debt before the end of July.

Remember that the group is the subject of two proposals of around 1.1 billion euros, one from the businessman Daniel Kretinsky and the other from the trio of entrepreneurs Niel-Pigasse – Zouari.

On the Paris Stock Exchange, Casino shares lost 4.3% shortly before “The measures (deferral of tax and social charges and payments to creditors) do not send a good signal and show that Casino is probably burning a lot of cash, so it is necessary to ask the state for a helping hand” , indicates Parisian analyst, previously quoted .

Julien Marion – ©2023 BFM Bourse

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