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Casino shareholders, creditors clear accelerated protection plan

PARIS, Jan 12 (Reuters) – Casino shareholders and creditors on Thursday gave the green light to a plan led by Czech billionaire Daniel Kretinsky to bail out the debt-ridden French retailer.

Sixteen out of 17 classes the shareholder and creditors were divided into to cast their votes – electronically and at a meeting held on Thursday – approved a draft protection procedure Casino entered into in October, Casino said in a statement on Friday.

The procedure allows its future leadership to finalise a deal to restructure the group’s debt and revive its business,

In December 2023, it was extended by two months to Feb. 25.

Casino shareholders (class 7) voted 98.87% in favour of the procedure, while it enjoyed far less success among EMTN, high yield and treasury bonds creditors (class 3), who voted 68.55% in favour, and creditors holding perpetual subordinated notes (class 6) of whom 75.62% voiced their approval.

A new leadership team formed around Kretinsky is set later this year to take control of France’s seventh-largest supermarket group by market share, which was brought to the verge of default after years of debt-fuelled acquisitions and recent losses in market share to rivals.

Current shareholders will be massively diluted under a restructuring deal which will end the 30-year reign of 74-year-old Jean-Charles Naouri, who controls Casino through his listed holding company Rallye.

Kretinsky’s consortium will own and control 53.7% of Casino‘s share capital under the deal, which calls for 1.2 billion euros of new money to be injected into Casino, as well as a 6.1 billion euro reduction of Casino‘s debt. (Reporting by Dominique Vidalon and Piotr Lipinski; Editing by Benoit Van Overstraeten and Kim Coghill)

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Coco Gauff serves up warning to Australian Open rivals

Thrill-seeking Coco Gauff has rocketed down the fastest serve of the women’s tournament en route to a rapid-fire entry to the Australian Open fourth round in Melbourne.

The reigning US Open champion cast friendship aside in a commanding 6-0 6-2 victory over fellow American Alycia Parks on Margaret Court Arena on Friday.

Gauff clocked one delivery at 199kph but was more pleased about converting all five break points against her 23-year-old compatriot.

“It’s tough because she’s a big server, so you’re not going to be able to strike as much as you want to,” said fourth seed Gauff.

“I did a good job with that and also mixing the height and the pace of the ball.

“She’s a big hitter, new no deposit online casino bonus she likes it fast. So I was just trying my best casino winner to be aggressive when I could but also just playing with margin.”

Despite the one-sided victory, Gauff is predicting a bright future for Parks, who broke through to claim her maiden WTA Tour title last season in Lyon.

“I’m really happy with how I played today,” Gauff said.

“The scoreline says different, but she’s a tough player. She hits the ball big and I’ve known her since I was like nine or eight years old, probably even younger than that.

“This was our first time ever playing, juniors or pro, but hopefully we can have many more matches in the future.”

Riding a 10-match grand slam winning streak, games slot casino and yet to lose in 2024 after taking the title in Auckland, Gauff has yet to drop a set this campaign and needed only a total of four hours, 20 minutes on court to make the second week.

Such efficiency has left the Crown-loving 19-year-old with more down time, and resisting the urge to hit the tables seems to have been more of a battle than her Open rivals so far.

“I have not gone to the casino yet, but I did last year and I won in roulette so I can see how people get addicted to that,” said Gauff, who bungee-jumped off the 53-story-tall Auckland Sky Tower in New Zealand.

“But here we’ve been doing mini golf, escape rooms, eating a lot and just watching the tennis.

“I always enjoy Melbourne. It reminds me of Florida a little bit with the weather and the crowds here are very nice.

“We love being here in Australia.”

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