Casino’s Debt Restructuring: Kretinsky Proposes New Plan
French retailer Casino, under the ownership of Czech billionaire Daniel Kretinsky, is set to unveil new proposals from creditors this Thursday, March 5, 2026, aimed at alleviating its substantial debt of €1.4 billion. The company will make the proposals public after the close of market trading.
Background and Current Situation
Casino, acquired by Daniel Kretinsky in 2024 following years of losses and mounting debt, faces a significant repayment deadline of €1.4 billion in March 2027. Negotiations with creditors – including Anglo-Saxon banks and investment funds – began in late 2025 to reduce this amount. France24 reports on the upcoming announcement.
Proposed Restructuring Details
According to sources close to the matter, France Retail Holdings (FRH), majority-owned by Kretinsky and Casino’s primary shareholder, is prepared to contribute up to €400 million. This would reduce the overall debt to €900 million, requiring creditors to waive €500 million in claims. Sudouest details these potential terms.
This proposal represents a shift from an earlier offer in November, where FRH initially sought to reduce the debt to €800 million in exchange for a €300 million capital increase.
Previous Restructuring Efforts
A prior restructuring in 2024, which led to the departure of long-time CEO Jean-Charles Naouri, reduced Casino’s debt by nearly €5 billion. However, the debt subsequently increased to €1.4 billion by the first half of 2025, up from €1.2 billion six months prior. Lesinguliersete provides context on the ongoing financial challenges.
Strategic Shift and Future Outlook
Under current leadership, Philippe Palazzi, Casino has divested most of its French hypermarkets and supermarkets, focusing instead on proximity stores and takeaway food services. The group reported sales of €8.26 billion at the finish of January, a 2.5% year-on-year decrease, but a slight 0.5% increase on a comparable basis, despite closing or selling a thousand stores in the past year.
Casino has postponed the full publication of its annual results until March 31, citing the ongoing debt negotiations. The company remains committed to achieving a balanced and secure financial solution by the end of June 2026, enabling it to implement its “Renewal 2030” plan.
Financial Objectives for 2030
Casino has reaffirmed its financial targets for 2028, including a business volume of €15 billion, an average annual turnover growth of 0.8% from 2024 to 2028, and an adjusted EBITDA of €500 million. By 2030, the group aims for a business volume of €15.8 billion, an adjusted EBITDA of €644 million, and additional savings exceeding €150 million over 2029-2030. Reuters highlights the challenges Kretinsky faces in stabilizing the company.