Daniel Kretinsky Leads €300 Million Casino Debt Restructuring Amid Creditor Standoff

Czech billionaire Daniel Kretinsky offers a €300 million capital injection to restructure Casino’s €1.4 billion debt by 2026, aiming to secure control amid tense negotiations with creditors.

Billionaire Daniel Kretinsky has made a bold move to reshape the future of France’s Casino group. The majority stakeholder plans to inject €300 million to rescue the struggling supermarket giant from its €1.4 billion debt, due in March 2027. This proposal marks the group’s second major restructuring in under two years, following a previous deal that avoided insolvency in 2024 and handed Kretinsky control of the company. The plan is expected to be finalized by the end of Q2 2026.

Second Rescue Plan in Three Years

Casino faces a persistent financial crisis despite a €6 billion debt reduction in 2023, when a consortium led by Kretinsky injected €1.2 billion to avoid bankruptcy.
Recent asset sales—including hypermarkets and Monoprix stores—failed to stem rising debt, which climbed from €1.2 to €1.4 billion in the first half of 2025.
The new proposal aims to reduce outstanding loans from €1.4 billion to €800 million and cut interest rates from 9% to 6%.

High-Stakes Creditor Negotiations

Negotiations with over ten creditors—including French banks and international investment funds—are expected to be tough. Kretinsky seeks to boost his holding from 53% to 68% through the capital increase, pending creditor approval. Creditors are being asked to accept significant write-offs in exchange for fresh equity and more manageable interest payment terms.

Key Points of the Proposed Deal

€300 million capital boost, fully underwritten by Kretinsky’s France Retail Holdings (FRH)
Reduction of debt principal by €600 million
Interest rate lowered from 9% to 6%
Target to complete restructuring by mid-2026

What’s at Stake for Casino’s Future?

The restructuring is critical for Casino to maintain operations and reassure investors as part of its strategic plan, “Renouveau 2030”. The plan targets a healthier debt-to-profit ratio by 2029. The company has promised improved profitability, but persistent “negative cash flow” keeps pressure on its management and shareholders.

Why This Matters

Casino’s story is one of aggressive expansion, heavy debt, and fierce competition—leaving the group vulnerable in the face of market disruptions.
Success of these talks is vital not just for Casino’s survival but also for Kretinsky’s ambitions in the European retail sector.

For further reading on retail financial crises and restructuring news, explore our coverage of the Casino group’s latest financial results and restructuring milestones.