Shares of Casino Guichard-Perrachon, the French grocer, took a hit after the company announced its plan to secure at least €900 million ($980.5 million) in an effort to ensure sufficient liquidity to reach its mid-term targets. Despite the news, the company remains committed to its 2023-25 business plan, which aims for €439 million in earnings before taxes and other expenses this year and €803 million by 2025. The sum would also help it achieve €212 million in free cash flow before interest in 2025.
Casino intends to obtain this funding as part of an agreement with its creditors by the end of this month in order to restructure its debt pile. It has issued an official invitation for those creditors who have not yet done so to organize and facilitate further discussions with the group.
At 0855 GMT on Monday, shares of Casino were trading 6.5% lower at €7.33.
As Casino Guichard-Perrachon seeks to obtain €900 million in liquidity to support its mid-term targets, its shares have taken a nosedive. However, the company remains committed to achieving its goals and has invited its creditors to engage in further discussions to facilitate its restructuring efforts.