Casino shares plunge as supermarket chain fails to obtain waivers…

PARIS, July 3 (Reuters) – Shares in French supermarket chain Casino plunged by around 15% on Monday after the retailer said it will need to ask a court to grant it a payment exemption amid debt restructuring negotiations with creditors.

Casino and the holders of its 6.4 billion euros ($6.96 billion) of debt began talks this month as the group races to stay afloat through divestments and an agreement to defer taxes and social charges with the government.

Intermediaries in the talks had asked creditors to waive their right to claim any accelerated payment on the basis of any event of default.But such a waiver was “not obtained from holders of (Casino Group´s) Senior Unsecured Notes due 2026 and 2027”, Casino said in a statement on Monday.

“As such, a cross-acceleration may be triggered under these notes in the case of a suspension of payments of debts (…)”, 로즈카지노주소 the company added, saying this is why it would now ask the commercial court to suspend some debt repayments.

“For creditors who have already refused or are refusing the conciliators’ requests, the Group will take all necessary measures to ensure the same treatment for the relevant creditors and preserve its liquidity for the duration of the conciliation proceedings.”

($1 = 0.9193 euros) (Reporting by Tassilo Hummel; Editing by Susan Fenton)

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