Casino Guichard-Perrachon SA

Has a Failure to Pay Credit Event occurred with respect to Casino Guichard-Perrachon SA?

The EMEA DC has determined that a Failure to Pay Credit Event has occurred.

The Eligible Market Participant who submitted the DC Question provided the following documents in support of their question:

Casino announcement of 21 June regarding standstill of interest payments: https://www.groupe-casino.fr/wp-content/uploads/2023/06/2023-06-21-PR-Update-on-the-conciliation-proceedings.pdf
La Tribune article dated July 3: https://www.latribune.fr/entreprises-finance/industrie/agroalimentaire-biens-de-consommation-luxe/casino-demande-des-delais-de-grace-pour-eviter-un-defaut-sur-sa-dette-968240.html
Moody’s announcement of 18 August appending limited default to Casino after payment default on the 2026 Notes: https://www.moodys.com/research/Moodys-appends-limited-default-LD-to-Casino-after-payment-default--PR_479529?cy=fra&lang=fr
DowJones Newswires article of 18 August (republished by MarketWatch): https://www.marketwatch.com/story/casino-shares-surge-after-suspension-of-payment-obligations-1916cc45
DowJones Newswires article of 18 August (republished by Bloomberg): https://blinks.bloomberg.com/news/stories/S03H620799MO
Casino announcement of 25 August regarding delai de grace: https://www.groupe-casino.fr/wp-content/uploads/2023/08/2023-087-25-PR-Grace-Period-002.pdf
Reorg article of 25 August 2023: https://app.reorg.com/v3#/items/intel/13386?item_id=229039


Auction Settlement Terms	Final Auction Settlement Terms

Deliverable Obligations	Final List

Timeline	Key Timeline: Tuesday 29 August 2023 Event Determination Date. Friday 22 September 2023 5.00pm London time: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder. Monday 25 September 2023 Auction Date. Tuesday 26 September 2023 4.00pm London time: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction–Settled Transactions. Thursday 28 September 2023 Auction Settlement Date. Monday 2 October 2023 4.00pm London time: deadline for Sellers to deliver to Buyers any Seller Notices of Physical Settlement in respect of any Representative Auction–Settled Transactions. Physical Settlement Dates in respect of any Representative Auction-Settled Transactions:* Customer Buy RAST: Monday 16 October 2023 Direct RAST: Monday 23 October 2023 Customer Sell RAST: Monday 30 October 2023 *updated to correct a previous typo that referred to the Tuesday rather than the Monday in respect of each of the Physical Statement Dates.

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Additional Information

Issue Number:

2023082801

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  11/01/2023 05:00am EDT
- List of Participating Bidders Published
  
  DC Decision
  List of Participating Bidders
  9/21/2023 08:25am EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms
  Compare against Draft Auction Settlement Terms
  Compare against Ukraine Auction Settlement Terms
  Compare against Europcar Mobility Group S.A. Auction Settlement Terms
  Note that to provide a more helpful comparison, the definition of Representative Auction-Settled Transaction has also been moved in the Europcar Auction Settlement Terms.
  9/21/2023 07:10am EDT
- Final List Published
  
  Final List
  9/21/2023 07:10am EDT
- Ongoing
  
  DC Decision
  9/21/2023 07:10am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 19 September 2023
  
  The EMEA DC met on 18 September and agreed to (i) hold the Auction with respect to the Reference Entity on Monday, 25 September 2023 and (ii) to publish the draft Auction Settlement Terms.
  Pursuant to Section 3.2(d) of the DC Rules, the EMEA DC agreed that Eligible Market Participants that wish to submit comments in relation to the draft Auction Settlement Terms must do so by 12pm London time on Thursday, 21 September 2023.
  Following the expiration of the deadline to submit challenges to the Preliminary List at 5pm London time on Monday, 18 September 2023, the EMEA DC further agreed to publish the Initial List of Deliverable Obligations for the purposes of the Auction. Pursuant to Section 3.3(f) of the DC Rules, the EMEA DC also agreed to amend the Challenge Deadline to expire at 12pm London time on Thursday, 21 September 2023.
  Eligible Market Participants may challenge the inclusion or absence of an obligation on the Initial List by notifying the DC Secretary in accordance with Section 3.3(d) of the DC Rules. Eligible Market Participants should submit any challenges by no later than 12pm London time on Thursday, 21 September 2023, following the procedures set out in the document entitled “Submission of Potential Deliverable Obligations and Challenges”.
  9/19/2023 09:40am EDT
- Draft Auction Terms Published
  
  Draft Auction Settlement Terms
  Compare against the Ukraine Auction Settlement Terms
  Compare against the Europcar Auction Settlement Terms
  Note that to provide a more helpful comparison, the definition of Representative Auction-Settled Transaction has also been moved in the Europcar Auction Settlement Terms.
  Note: Updated 19 September 2023 to include the Auction Date. A redline against the version uploaded on 18 September 2023 is available here.
  Eligible Market Participants that wish to submit comments in relation to the draft Auction Settlement Terms must do so by 12pm London time on Thursday, 21 September 2023.
  9/18/2023 05:15pm EDT
- Initial List Published
  
  Initial List
  Submission of Potential Deliverable Obligations and Challenges
  Eligible Market Participants may challenge the inclusion or absence of an obligation on the Initial List by notifying the DC Secretary in accordance with Section 3.3(d) of the DC Rules. Eligible Market Participants should submit any challenges by no later than 12pm London time on Thursday, 21 September 2023, following the procedures set out in the document entitled “Submission of Potential Deliverable Obligations and Challenges”.
  9/18/2023 05:15pm EDT
- Ongoing
  
  DC Decision
  9/18/2023 05:15pm EDT
- Preliminary List Published
  
  Preliminary List
  Submission of Potential Deliverable Obligations and Challenges
  9/15/2023 08:15am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 15 September 2023
  The EMEA DC met on 14 September 2023 to discuss the Preliminary List of Deliverable Obligations for the purposes of the Auction and has now agreed on the potential Deliverable Obligations to be included on the Preliminary List. The EMEA DC will meet again in due course to further discuss settlement.
  Per Section 3.3(b) of the DC Rules, to the extent that Eligible Market Participants wish to submit additional obligations for consideration by the EMEA DC for inclusion on the Initial List of potential Deliverable Obligations as described in the document on Submission of Potential Deliverable Obligations and Challenges, they should do so before 5pm London time on Monday 18 September 2023.
  9/15/2023 08:15am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 11 September 2023
  The EMEA DC met on Friday 8 September and agreed to hold an Auction in respect of Casino Guichard-Perrachon SA. The EMEA DC agreed to meet again to continue discussions around settlement and will publish further updates in due course.
  9/11/2023 07:10am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 6 September 2023
  9/06/2023 11:25am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 1 September 2023
  The EMEA DC met today to commence discussions in relation to the DC Question. The EMEA DC agreed to meet again on Tuesday 5 September to continue discussions.
  9/01/2023 10:15am EDT
- Request Accepted by DC
  
  8/30/2023 11:05am EDT
- Pending DC Consent
  
  8/29/2023 09:45am EDT