Closed
DC Decision
EMEA DC Meeting Statement - 4 August 2023
The EMEA DC considered the supporting public information submitted with the DC Question. The EMEA DC noted that as of the point the DC Question was raised (i.e. 29 June 2023), the Reference Entity (i) was subject to conciliation proceedings and (ii) had published an update on a proposal that had been made by Casino for the potential restructuring of its debt. The DC noted that it had previously considered whether the entry into conciliation was a Bankruptcy Credit Event in DC Issue 2023053001 and the EMEA DC determined on 5 June 2023 that a Bankruptcy Credit Event had not occurred. The EMEA DC has previously published a number of statements on the types of factors it considers when assessing whether or not a Bankruptcy Credit Event has occurred – see for, example, the DC Meeting Statement in respect of Thomas Cook dated September 24, 2019: https://www.cdsdeterminationscommittees.org/documents/2019/09/thomas-cook-dc-emea-statement-2019091701.pdf/ . In relation to conciliation, the DC noted that conciliation alone would not cram down non-consenting creditors and a further process would be needed to obtain such relief. Furthermore, a conciliation does not trigger a general stay on enforcement or an automatic moratorium or postponement of debts. Instead any such additional relief is the subject of an additional application. The EMEA DC considered the additional information submitted since its original decision of 5 June 2023 and was of the view that such decision continued to apply.
The EMEA DC noted that the Reference Entity published a further update on 3 July 2023 (subsequent to the submission of the DC Question). On 3 July 2023, the Reference Entity announced that it would "in the coming days [request] the application of délais de grâce pursuant to article L. 611-7 of the Commercial Code." The EMEA DC expresses no view in this Meeting Statement as to whether or not such an application would give rise to a Bankruptcy Credit Event. However, the EMEA DC observed that this announcement alone is not sufficient to confirm that the Reference Entity has in fact applied for such délais de grâce as it refers to an action the Reference Entity would take in the future. As such, the EMEA DC was of the view that this 3 July announcement alone would not constitute sufficient information for the purposes of submitting a request for the DC to consider whether or not such application has triggered a Bankruptcy Credit Event. Additional information would be needed supporting that such application had in fact occurred and the EMEA DC would need to consider whether or not the characteristics of an application for a délais de grâce would give rise to a Credit Event. Eligible Market Participants should have regard to this if they are raising Potential DC Issues to the EMEA DC or delivering a bilateral Credit Event Notice.
8/04/2023 06:25am EDT
Ongoing
DC Decision
EMEA DC Meeting Statement – 26 July 2023
The EMEA DC met on 25 July 2023 to consider the DC Questions in respect of Casino Guichard-Perrachon SA. One of the areas the EMEA DC is considering is the level of available public information with respect to each of the DC Questions. The EMEA DC agreed to consider the DC Questions further and will meet again to continue deliberating.
7/26/2023 05:15am EDT
Ongoing
Update 19 July 2023: By way of update, the EMEA DC will meet next week to continue the deliberations with respect to Casino Guichard-Perrachon SA.
7/19/2023 01:10pm EDT
Ongoing
DC Decision
7/07/2023 11:45am EDT
Ongoing
EMEA DC Meeting Statement - 6 July 2023
The EMEA DC met today to commence discussions around the number of DC Questions with respect to Casino Guichard-Perrachon SA. The EMEA DC agreed to meet again in due course to continue discussions.
7/06/2023 10:55am EDT
Request Accepted by DC
7/05/2023 06:05am EDT
Pending DC Consent
6/30/2023 03:55pm EDT
