RALLYE S.A.: Casino restructuring Winding-up of the holding companies

Casino restructuring

Winding-up of the holding companies

Paris, 27 February 2024

Rallye, Foncière Euris, Finatis and Euris acknowledge Paris Commercial Court’s approval of the accelerated safeguard plans for Casino and some of its relevant subsidiaries.

The effective completion of Casino’s financial restructuring, scheduled for 27 March 2024, will result in a massive dilution for existing shareholders. Thus, on completion of the restructuring, Rallye will hold 0.1% of Casino’s share capital and Rallye will therefore lose control of Casino.

Insofar as the loss of control of Casino by Rallye constitutes an event of early repayment of the financing entered into by Rallye as part of the buyback offers launched in 2021 and 2022 on its unsecured debt[1], Rallye will therefore be in default of payments (cessation des paiements) from the date of completion of Casino's financial restructuring.

As a result, on the date of completion of Casino's financial restructuring and subject to the successful completion of the planned capital transactions, Rallye will apply for the termination of its safeguard plan and the opening of winding-up proceedings.

Insofar as Rallye, Foncière Euris, Finatis and Euris safeguard plans are interdependent, Foncière Euris, Finatis and Euris will also be seeking the termination of their safeguard plan and the opening of winding-up proceedings.

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Press contact:
PLEAD

Étienne Dubanchet +33 6 62 70 09 43 etienne.dubanchet@plead.fr

[1] See in particular p. 240 of the 2022 Rallye Universal Registration Document