Plesio, Formerly Casino, Reaches Agreement in Principle to Cut Its Debt to €800 Million

Updated November 11, 2026. This article is for information only and is not investment advice.

Plesio, the French retail group formerly known as Casino, whose brands include Monoprix and Franprix, announced on Tuesday, November 10, 2026, an agreement in principle on its financial restructuring. It was reached on November 9 with its majority shareholder, France Retail Holdings (FRH), and a committee of lenders holding about 90% of its Term Loan B debt, after nearly a year of negotiations. The terms are not final, and the company says they remain subject to definitive documentation.

What the Agreement Provides

According to the company’s statement, FRH, which Czech billionaire Daniel Kretinsky majority owns, would inject €390 million of new money through a reserved capital increase. The principal of the Term Loan B would be cut from €1.4 billion to €800 million and extended over five years, with the difference converted into equity. AFP reported that the debt would fall due in 2032. FRH would hold a majority of the capital after the restructuring and buy back the shares lenders receive from the conversion.

The company said existing shareholders would be diluted to less than 0.1% of the capital after the operation. The lenders’ committee would also drop its legal challenges, and the company’s banks said they would submit the terms to their credit committees with a favorable recommendation. Plesio also said the agreement lowers its interest costs, according to FashionNetwork, and keeps its headquarters in Saint-Étienne and its “Renouveau 2030” business plan.

Why It Was Needed

The group could not repay €1.4 billion in debt due in March 2027, AFP reported. It opened talks with its main shareholder and creditors in late November 2025. Kretinsky took control of the former Casino in 2024, after years of losses and heavy debt, and the group changed its name to Plesio in October 2026.

On the same day, Plesio reported comparable sales up 0.3% in the third quarter, according to Reuters. CEO Philippe Palazzi called it “the start of a new chapter.”

For another French company in financial difficulty, see our report on Afibel’s judicial liquidation.

Read also: Historic fashion brand Afibel placed under judicial liquidation, and French government announces 1.6% minimum wage increase amid union criticism.

Source: Plesio press release, November 10, 2026; AFP via TradingView; ICI; Reuters via Boursorama; FashionNetwork. Published November 10, 2026.