By Mauro Orru
Shares of Casino Guichard-Perrachon plunged in Monday morning trading after the French grocer said it was seeking to raise at least 900 million euros ($980.5 million) to ensure adequate liquidity to deliver its mid-term targets.
At 0855 GMT, Casino shares traded 6.5% lower at EUR7.33.
The group said it hoped to raise the funds as part of an agreement in principle that it aims to secure with creditors by the end of July to restructure its debt pile.
The sum would enable it to forge ahead with its 2023-25 business plan, targeting EUR439 million in earnings before interest, taxes, depreciation, amortization and lease payments this year and EUR803 million in 2025. Casino is also targeting EUR212 million in free cash flow before interest for 2025.
“Creditors who have not already done so have been invited to organize themselves to facilitate further discussions with the group,” it said in a statement.
Write to Mauro Orru at [email protected]; @MauroOrru94
Read the full article here
