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Creditors strike deal with supermarket Casino's holding company Rallye

Reuters
·1-min read
Logo of Casino in Nantes

PARIS (Reuters) - Rallye, the holding company behind debt-ridden French supermarket retailer Casino, said on Friday that it had reached a deal with its creditors.

"Under the terms of this agreement, the relevant creditors waived their right to trigger any event of default resulting from the opening of the conciliation proceedings in favor of Casino by the President of the Commercial Court of Paris on May 25 and announced by Casino in a press release dated May 26," said Rallye.

"In return, each of the relevant creditors will benefit from the right, which may be exercised at its sole option and at any time, to take ownership of its portion of Casino's securities held in trust or to direct the trustee to sell them, in each case in repayment of its stake in the relevant financing," added Rallye.

(Reporting by Sudip Kar-Gupta; editing by Diane Craft)