Casino - comment

The FT is reporting that Daniel Křetínský’s will be the likely successor at Casino with the 3F consortium abandoning its bid. The lack of any bidding tension coupled with quotes from Křetínský asking creditors to be realistic and that a business plan can’t be based on hopes or imagined hopes is a negative for creditors. We acknowledge that the initial proposal gave the unsecured creditors 3.6% of a larger equity base than the 3F proposal. The FT is citing the switching of Attestor, who held a blocking minority in the secured and unsecured debt, from the 3F consortium to Křetínský, as the reason 3F have decided not to resubmit their bid. 

We are surprised the Company has not confirmed that 3F has not reconfirmed their bid following the FT article.