RALLYE S.A.: Agreement with all Rallye’s creditors benefiting from a trust (fiducie-sûreté) on Casino’s securities

Agreement with all Rallye’s creditors benefiting from a trust (fiducie-sûreté) on Casino’s securities

Paris, on 16 June 2023 – Further to its press releases of 25 April 2023 and 22 May 2023, Rallye has reached an agreement, under the aegis of the conciliators (conciliateurs), with all its creditors benefiting from a trust (fiducie-sûreté) on Casino’s securities[1].

Under the terms of this agreement, the relevant creditors waived their right to trigger any event of default resulting (directly or indirectly, including under a cross default event) from the opening of the conciliation proceedings in favor of Casino by the President of the Commercial Court of Paris on 25 May 2023 and announced by Casino in a press release dated 26 May 2023. 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 (fiducie-sûreté) or to direct the trustee (fiduciaire) to sell them, in each case in repayment of its stake in the relevant financing. In the event of such appropriation or sale, the remainder, if any, of the relevant creditor's claim would be payable on the maturity date initially agreed in the relevant financing (without prejudice to any acceleration of the relevant financing should an event of default arise).

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Contact press:
PLEAD

Étienne Dubanchet +33 6 62 70 09 43 [email protected]

[1] Casino’s securities representing 11.7% of Casino’s share capital have been placed in trust (fiducie-sûreté) by Rallye for the benefit of some of the creditors, including Fimalac (cf. page 24 of Rallye’s 2022 Universal Registration Document, in French) and the amounts of these financings entered into after the approval of the safeguard plan (plan de sauvegarde) represent, as of 31 December 2022, €397M out of the €3,100M of gross financial debt, i.e. 12.8% of the total (cf. the breakdown of Rallye's financial debt on page 23 of the 2022 Universal Registration Document, in French).