Billionaire Kretinsky's Plan to Rescue Casino Would Spare $4 Billion of Creditors

Czech billionaire is working on an offer to take over Casino
Firm in court-supervised debt restructuring process in France

A Casino supermarket in Paris, France.
Photographer: Nathan Laine/Bloomberg

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By Irene Garcia Perez

May 31, 2023 at 8:23 AM UTC

Updated on

May 31, 2023 at 10:16 AM UTC

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Billionaire Daniel Kretinsky is planning to offer a way out with no losses for Casino Guichard Perrachon SA’s most senior creditors.

The Czech investor, who’s offering to inject fresh capital into the ailing French grocer and take a controlling stake, is working on a proposal that would spare losses for more than €4 billion ($4.3 billion) of secured lenders and noteholders, according to a person familiar with the matter, who asked not to be named because the talks are private.