Simpson Thacher advised the ad hoc group of noteholders of Senior Secured Notes issued by Quatrim S.A.S. in connection with the successful completion of a comprehensive restructuring by Casino Group, the French-headquartered international food retailer. The transaction sees the group benefit from €1.5 billion of new money and a conversion of €3.5 billion of existing debt to equity. Quatrim owns 100% of the shares in Immobiliere Groupe Casino, which owns the development and management of properties, including hypermarket, supermarket, convenience stores, many of which are leased to Casino Group entities. The noteholders will see their notes paid down throughout the term of the notes in accordance with an asset disposal plan.
Casino (and the wider food retail industry) had faced significant headwinds in recent years. Stretched by a c.€11 billion debt burden and liquidity issues, the group entered French conciliation protective measures last year. This restructuring, implemented using a cramdown under an accelerated safeguard plan in the Paris Commercial Court, is one of the most high profile European restructuring transactions in the past year.
The Simpson Thacher team includes Adam Gallagher, Marc Hecht, Nicholas Baker, Siân Perez, Dasha (Daria) Bechade, Ryan Edge, Philip DiDonato and Chloe Potter (Restructuring); and Nicholas Shaw, Uma Sud and Iakovos Anagnostopoulos (Capital Markets).