Casino Guichard-Perrachon SA

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

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

Prospectus of the 2026 Notes: http://www.oblible.com/Prospectus/www.oblible.com__XS2276596538.pdf
Kroll Landing Page in respect of Consent Solicitation in respect of 2026 Notes and 2027 Notes: https://deals.is.kroll.com/CASINO
Press Release re initiation of conciliation procedure: https://www.groupe-casino.fr/wp-content/uploads/2023/05/2023-05-26-PR-Conciliation.pdf
Bloomberg press report dated 31 May 2023: https://www.bloomberg.com/news/articles/2023-05-31/kretinsky-s-plan-for-casino-spares-4-billion-senior-creditors?leadSource=uverify%20wall
Bloomberg Law press report dated 30 May 2023: https://news.bloomberglaw.com/securities-law/swaps-panel-asked-if-casinos-conciliation-triggered-cds-payout
Le Figaro press report dated 22 May 2023: https://www.lefigaro.fr/flash-eco/casino-va-demander-l-ouverture-d-une-procedure-de-conciliation-pour-negocier-avec-ses-creanciers-20230522
Reorg report dated 24 May 2023: https://app.reorg.com/v3#/items/intel/13386?item_id=217737
Reorg report dated 31 May 2023: https://app.reorg.com/v3#/items/intel/13386?item_id=218543
Reuters report dated 26 May 2023: https://www.reuters.com/business/retail-consumer/debt-laden-retailer-casino-enters-court-backed-negotiations-with-creditors-2023-05-26/

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Additional Information

Issue Number:

2023053101

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  DC Decision
  EMEA DC Meeting Statement - 6 July 2023
  As a further clarification, the EMEA DC noted during its previous deliberation that the relevant French law Notes provide that the Representative may, upon request of a Noteholder, accelerate the Notes. However, such acceleration is not mandatory and no Publicly Available Information has been submitted that evidences the Representative would have exercised such discretion. Therefore, the EMEA DC concluded that Section 4.1 of the 2014 Definitions did not affect its conclusions in relation to the DC Question.
  7/06/2023 10:55am EDT
- Closed
  
  DC Decision
  EMEA DC Meeting Statement - 9 June 2023
  The EMEA Credit Derivatives Determinations Committee (the DC) met on 8 June 2023 to discuss whether or not a Failure to Pay Credit Event had occurred with respect to Casino Guichard-Perrachon SA (the Reference Entity).
  In respect of the New York law-governed senior notes due 2026 (ISIN: XS2276596538) and 2027 (ISIN: XS2328426445) (the New York law Notes), the DC noted the content of the press release of the Reference Entity dated 6 June 2023 (available here: https://www.luxse.com/security/XS2276596538/326570) (the Press Release). The Press Release stated that “holders representing in excess of a majority in aggregate principal amount of the outstanding Notes […] agreed to waive the default or event of default resulting from the commencement of the Conciliation Proceedings and to rescind any acceleration of the Notes”. Such agreement is described as having been entered into prior to the opening of the conciliation proceedings. On the basis of the Press Release, the DC determined that the Reference Entity had not failed to pay in respect of the New York law Notes as such notes had not been accelerated.
  The DC considered the French law-governed senior notes due 2024 (ISIN: FR0011765825) and 2026 (ISIN: FR0012074284) (available on the Luxembourg stock exchange website here: https://www.luxse.com/issuer/CasinoGuichardP/43149) (the French Law Notes). Based on the terms and conditions of such French Law Notes, the DC noted that acceleration requires a written notice from the Representative (as defined in such terms and conditions). The DC considered that there was insufficient information to evidence that the acceleration notice had been given.
  Accordingly the DC determined that a Failure to Pay Credit Event had not occurred under 2014 Transactions or under Updated 2003 Transactions.
  6/09/2023 10:25am EDT
- Request Accepted by DC
  
  6/06/2023 11:50am EDT
- Pending DC Consent
  
  6/02/2023 05:50am EDT