Casino Guichard-Perrachon said it would continue negotiations with a consortium led by Czech billionaire Daniel Kretinsky over a potential deal to restructure its debt, after a rival team led by technology entrepreneur Xavier Niel pulled out of the race to rescue the embattled French grocer. The consortium had previously proposed EUR1.35 billion in new equity that included EUR200 million through a rights issue, while 3F Holding--a separate consortium led by French billionaire Niel, Moez-Alexandre Zouari and Matthieu Pigasse--had put forward a EUR900 million offer. 3F Holding opted not to submit a new offer, effectively pulling out of the race to salvage Casino. Earlier this year, the group entered talks with creditors to ensure it had enough liquidity to keep operations running. Casino said it is seeking to reach an agreement in principle to restructure its debt pile by the end of July.

Source: Wall Street Journal July 18, 2023 06:00 UTC