Casino files for Chapter 15 bankruptcy in the US. Credit: Obatala-photography via Shutterstock.com.

Retailer Casino has filed for Chapter 15 bankruptcy protection in the US, seeking to have its French accelerated safeguard proceedings recognised by the American courts.  

Chapter 15 bankruptcy protection is designed to facilitate the handling of insolvency cases with cross-border implications.  

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It provides a legal framework for companies to effectively manage debts and assets involving multiple countries.  

The filing, made on 15 February 2024, is part of a strategic effort to address Casino’s financial challenges while maintaining normal operations with partners and employees. 

The French retailer aims to ensure the enforcement of its restructuring efforts in the US, particularly concerning debt instruments governed by New York law. 

The proceedings are intended to secure recognition in the US for the accelerated safeguard plans adopted for Casino and its six subsidiaries: Casino Finance, Casino Participations France, Distribution Casino France, Monoprix, Quatrim and Ségisor. 

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The retailer’s decision to file for Chapter 15 is a technical step that will not affect its relationships with suppliers, franchisees or employees.  

A hearing is scheduled for 21 March 2024 at the Bankruptcy Court of the Southern District of New York.

The court will consider the recognition of Casino’s accelerated safeguard proceedings and the judgments related to the safeguard plans.  

This step is crucial for the company to ensure that its restructuring measures are acknowledged and can be enforced in the US. 

In January 2024 the French antitrust authority Autorité de la Concurrence gave a green light to Intermarche for the acquisition of 61 Casino stores, with specific conditions aimed at maintaining market competition.