A French commercial court has ruled that Société Générale can call in the collateral it owns in Rallye, the main parent of French retailer Casino, in a setback to controlling shareholder Jean-Charles Naouri’s efforts to restructure the highly-indebted group. Rallye, Finantis and Foncière Euris — the three holding companies behind Casino — in May entered into a procédure de sauvegarde, a court-led creditor protection process allowing them to freeze debt payments for up to 18 months.
A French commercial court has ruled that Société Générale can call in the collateral it owns in Rallye, the main parent of French retailer Casino, in a setback to controlling shareholder Jean-Charles Naouri’s efforts to restructure the highly-indebted group. Rallye, Finantis and Foncière Euris — the three holding companies behind Casino — in May entered into a procédure de sauvegarde, a court-led creditor protection process allowing them to freeze debt payments for up to 18 months.
Click here to read the full article (£)
