October 26, 2023

Willkie advised a group of holders of high-yield unsecured bonds and unsecured bonds of the EMTN program (totaling €2.2 billion) of Casino Guichard Perrachon in the context of the discussions relating to its financial restructuring and the takeover by a consortium of investors composed of EP Equity Investment (controlled by Daniel Křetínský), Fimalac and Attestor.

On October 17, Casino Guichard Perrachon announced the conclusion of a lock-up agreement relating to its financial restructuring and recapitalization supported by 51.0% of Casino’s unsecured bondholders. The lock-up agreement provides for a net debt reduction of nearly €6.1 billion through the conversion into equity of the entire unsecured debt (more than €3.5 billion) and of approximately €1.3 billion of Casino’s secured debt facilities, as well as an equity injection of nearly €1.2 billion provided mainly by the investors consortium led by EP Equity Investment (€925 million) and open to creditors for the balance (€275 million).

The Willkie team was led by partner Lionel Spizzichino with associates Batiste Saint-Guily, Joséphine Maire and Alcyde Le Poder, and included partners Thomas Binet, Gabriel Flandin, Graham Lane, Melainie Mansfield and Mark Stancil and associates Jason Taylor, Victor Cann and Ralph Unger.