September 25, 2019 / 4:44 PM / 18 days ago

Casino parent Rallye met with bankers on safeguard plan

PARIS, Sept 25 (Reuters) - Debt-burdened Rallye said in a statement that it and other shareholders of French retailer Casino had met with bankers to discuss its financial rescue plan.

Casino Chairman and CEO Jean-Charles Naouri in May had placed the retailer’s parent companies Rallye, Finatis and Fonciere Euris under protection from creditors in a bid to save the group from collapse.

Rallye, Fonciere Euris, Finatis and Euris said they had asked to extend for six months the observation period with creditors with the view to get the plan cleared by the court at the end of the first quarter 2020 at the latest.

Reporting by GV De Clercq, editing by Dominique Vidalon

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