The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye. Casino will formally change hands at the end of March next year. McEwan, 75, said writers should be able to express themselves freely without fear of reprisal – after classics by the likes of Roald Dahl and Ian Fleming were given the ‘sensitivity’ treatment earlier this year. Thursday’s announcement finalizes a July agreement in principle which called for 1.2 billion euros ($1.26 billion) of new money to be injected into Casino, as well as a reduction of Casino’s debt by 6.1 billion euros.
“Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan,” CEO and controlling shareholder Jean-Charles Naouri said in a statement. Atonement author Ian McEwan has told aspiring young authors not to be afraid of offending readers with their writing amid a rise in the use of ‘sensitivity readers’ to comb through books to remove sensitive material.
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Footfall in Casino supermarkets was up 4% over the past four weeks, the company said. The retailer, which is now France’s sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too. On Thursday Casino said the binding debt deal was reached with the consortium led by Kretinsky’s company EPGC alongside Casino’s biggest creditor Attestor, its second-biggest shareholder Fimalac and the retailer’s secured creditors.