The Paris Commercial Court has approved the safeguard plan for Casino parent Rallye and its subsidiaries Cobivia, HMB, and Alpétrol.
The companies Foncière Euris, Finatis and Euris are also a part of the safeguard plan.
The retailer has taken due note of the court's decision, which includes financial commitments for these companies from 2023 onwards.
Meanwhile, the retail group will continue to implement its strategic plan for 2020-2022, which includes further development of the group's unique positioning in promising geographical areas and store formats such as premium, local, and e-commerce.
It will prioritise debt reduction and focus on generating recurring cash flow, the company said.
Previously, Groupe Casino announced plans to dispose of assets worth €4.5 billion in France by the end of the first quarter of 2021 as a part of its commercial transformation plan.
It has also communicated that it will not distribute dividends in the year 2020.
Decisions on distribution of dividends in the future will be based on the group's financial situation, corporate interest and in compliance with its banking and bond documentation, the company added.
© 2020 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.