French retail company Casino reported that the Paris Commercial Court approved the accelerated safeguard plans to bail out the company and some of its subsidiaries.
The company said that in the absence of a suspensory appeal, it is anticipated that all transactions provided for in the financial restructuring will be completed on March 27.
Casino said the implementation of share capital increases planned as part of the financial restructuring will result in massive dilution for existing shareholders and Rallye will lose control of the company to the benefit of the consortium.