Some holders of bonds issued by French food retailer Casino are working with financial adviser Perella Weinberg Partners to push for better terms should the company's planned tie-up with smaller food firm Teract proceed, three sources familiar with the matter said.
A logo of Casino is pictured outside a supermarket in Nantes, France, February 2, 2023. REUTERS/Stephane Maheare working with financial adviser Perella Weinberg Partners to push for better terms should the company's planned tie-up with smaller food firm Teract proceed, three sources familiar with the matter said.
Investors in loans to Casino are also in the process of mobilizing and lining up their own advisers, two of the sources and an additional source said, declining to be identified as the discussions are private.The moves by bondholders and loan investors signal the potential for a drawn out tussle between creditors amid uncertainty over Casino's long-term financial health.
But to do this, Casino would require consent from loan holders, which is the reason why the latter are getting organised in advance to negotiate better terms with Casino, two of the sources said. Some bond investors instead believe Casino will need their consent first to proceed with the joint venture, so that it can become an unrestricted subsidiary of Casino, the source familiar with the bondholder group said. Unrestricted status would allow the joint venture to potentially list on a stock exchange and receive capital from a third party.
That could give investors some leverage in engaging with the company to get better terms in the proposed venture. Casino shares were trading at 6.7 euros on Friday and hit a record low of 5.6 euros in March, after Moody's cut its long-term debt rating further into junk territory.
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