Cnova N.V. - Reaction to Casino Group's Press Release
Cnova N.V. (Euronext Paris: CNV) responded to a press release by its controlling shareholder, Casino Group, regarding the solicitation of consents from certain creditors and bondholders. This initiative aims to facilitate discussions about EP Global Commerce's proposal and the continuation of Project TERACT. As part of this process, Cdiscount, a subsidiary of Cnova, is seeking lender consent for a State Guaranteed Loan established on July 30, 2020. Cnova clarified that no decisions have been made about appointing conciliators for itself or its subsidiaries and that it remains compliant with its financial obligations, continuing to monitor developments related to Casino.
- Cnova remains compliant with its financial commitments.
- Cdiscount is actively seeking lender consent for a significant State Guaranteed Loan.
- Cnova is involved in a situation where its controlling shareholder is soliciting creditor consents, indicating potential financial distress.
CNOVA N.V. – Reaction to Casino Group’s Press Release
Amsterdam – April 24, 2023, 18:15 CEST – Cnova N.V. (Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova” or the “Company”) and its Board of Directors took note of the press release issued on the date hereof by its controlling shareholder, Casino Guichard-Perrachon S.A. ( “Casino”), in which it is mentioned that Casino is launching the: “solicitation of consents from certain creditors and bondholders of the Casino Group regarding the possibility of initiating conciliation proceedings to guide upcoming discussions with creditors in connection with EP Global Commerce a.s.’ proposal on the one hand and the continuation of the Project TERACT on the other hand”1.
As part of the solicitation of consents launched by Casino, Cdiscount, a wholly-owned subsidiary of the Company, will seek the consent from the lenders in respect of the State Guaranteed Loan (Prêt Garanti par l’Etat) entered into on July 30, 2020.
The Company confirms that no decision to request the appointment of conciliators for itself and/or any of its subsidiaries, including Cdiscount, has been taken at this stage and that it remains in full compliance with its financial commitments. The Company will continue to monitor developments concerning Casino.
1: https://www.groupe-casino.fr/en/announcements/ - “Solicitation of consents from certain creditors and bondholders of the Casino Group regarding the possibility of initiating conciliation proceedings to guide upcoming discussions with creditors in connection with EP Global Commerce a.s.’ proposal on the one hand and the continuation of the Project TERACT on the other hand”
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About Cnova N.V.
Cnova N.V., the French ecommerce leader, serves 8.1 million active customers via its state-of-the-art website, Cdiscount. Cnova N.V.’s product offering provides its B2C clients with a wide variety of very competitively priced goods, fast and customer-convenient delivery options, practical and innovative payment solutions as well as travel, entertainment and domestic energy services. Cnova N.V. also serves B2B clients internationally through Octopia (Marketplace-as-a-Service solutions), Cdiscount Advertising (advertising services for sellers and brands) and C-logistics (end-to-end logistic ecommerce solution). Cnova N.V. is part of Groupe Casino, a global diversified retailer. Cnova N.V.'s news releases are available at www.cnova.com. Information available on, or accessible through, the sites referenced above is not part of this press release.
This press release contains regulated information (gereglementeerde informatie) within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which must be made publicly available pursuant to Dutch and French law. This press release is intended for information purposes only.
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| Cnova Investor Relations Contact: investor@cnovagroup.com Tel : +33 6 79 74 30 94 | Media contact: directiondelacommunication@cdiscount.com Tel: +33 6 18 33 17 86 cdiscount@vae-solis.com Tel: +33 6 17 76 79 71 |
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FAQ
What recent actions did Cnova N.V. take regarding its financial commitments?
What is Casino Group proposing that affects Cnova N.V.?
Is Cnova seeking any approvals from lenders?
Has Cnova made any decisions regarding conciliators?
