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Czech billionaire Daniel Kratinski is on course to win a battle for control of the casino after a trio of investors led by billionaire Xavier Neill crashed out of the race to rescue the heavily debt-ridden French food retailer.
Kratinski said in an interview with the Financial Times that he had submitted a revised proposal to the casino on Saturday as part of the company’s voluntary debt restructuring talks with creditors. In it, he and Marc will lead a €1.2 billion equity injection to take a 53 percent stake in Laddreit de Lacharrière’s Fimlac company. In addition, the casino’s €4.9bn debt will be converted into equity.
A trio called 3F, including Neill, investment banker Mathieu Pigasse and retail entrepreneur Moise-Alexandre Zauri, was also working on a new proposal, but decided to drop it late on Sunday, calling for a “prejudicial process” on the casino and divestment of the investment. Accused of. Fund attests to switch sides in Kratinski’s bid.
“Today, after months of work, 3F has decided not to submit any proposals,” he said in a statement.
The casino, France’s sixth-biggest food retailer with 53,000 employees in the country, has been controlled for decades by Jean-Charles Naury, who built it, but has carried €6.4 billion in debt, which ratings agencies suspect that it can pay off.
The company, which is grappling with cash crunch while losing market share to rivals, has been in voluntary debt restructuring talks with creditors with an aim to save the company from bankruptcy. The process, which began in May, is being overseen by a court-appointed agent and closely monitored by the French finance ministry. Casino stocks have declined more than 75 percent in the past year.
In an interview before the trio announced their exit, Kratinski argued that their offer was the best for the company and its creditors. He called on creditors to be “realistic” and said that “a business plan that is based on hopes or fanciful hopes will not be successful”.
Kratinski also proposed that Naury remain in a “respectable” role after taking control of the debt-ridden French grocer, which he vowed to keep up with to the “maximum extent possible”.
“Our desire is to make the greatest effort to preserve the maximum possible, rational perimeter of the casino,” said the Czech billionaire, adding that the retail chain could be sold in parts.
Kratinski said no agreement has been reached to sell the stores to rivals and that he will work to preserve and eventually create jobs as part of a change focused on the casino’s broader network of smaller urban stores. However, “if customer feedback, for example on a hypermarket format, is really very negative, with a continued negative trend, then you have to respect reality”.
Kratinski said he would like to take advantage of Nouri’s “very deep knowledge” if he took control, although “it can’t be an executive role because it doesn’t make sense anymore. But I want it to be a respected role”. .
