Core Viewpoint - French retailer Casino is entering a new round of debt restructuring discussions to support its "Renouveau years 2030" recovery plan, aiming to improve its financial position and operational efficiency [1][3]. Debt Restructuring - Casino is negotiating with lenders regarding over €1.4bn ($1.61bn) of Term Loan B facilities maturing in March 2027, proposing to cut the nominal value from €1.4bn to €800m and reduce the interest rate from 9% to 6% [1][2]. - The proposed restructuring includes extending the maturity of all group financing by five years and implementing a payment-in-kind (PIK) interest structure for the first two years [2]. Financial Goals - The restructuring aims to lower net leverage to below 1.7x by 2029 and address identified liquidity requirements of €500m through equity raises and reduced interest costs [3]. - Casino has set ambitious targets under the Renouveau 2030 plan, including €15.8bn in gross merchandise volume (GMV) by 2030 and adjusted EBITDA of €644m after lease payments [5]. Operational Strategy - The company plans a full refurbishment of the Monoprix chain by 2030 and aims to expand the Franprix Oxygène format to 800 outlets [6]. - Additional plans include the development of Naturalia's La Ferme concept and the introduction of new Spar and Casino formats in 300 shops, along with over 210 new Casino, Vival, and Spar stores by 2030 [6].

Core Insights - Casino Group and H&S Invest Holding have signed a strategic partnership to open over 210 Franprix and Monoprix stores in Morocco by 2035, marking a significant step in Casino Group's international expansion strategy through franchising [2][5] - The partnership aims to enhance Morocco's convenience retail landscape by introducing innovative retail concepts that combine quality food products, fast food, everyday services, and a digitalized customer experience [3][4] - The first stores are set to open in 2026, focusing on quality, convenience, and a high proportion of local products [4] Company Overview - Casino Group is a leader in the French retail market, operating approximately 7,500 convenience stores and generating a gross merchandise volume of €12.4 billion in 2024 [7] - The Group has a presence in over 30 countries with 472 franchised stores outside Metropolitan France, contributing to 3.5% of its net sales in 2024 [2] - H&S Invest Holding, established in 2005, operates in essential sectors such as manufacturing, logistics, and retail, aiming to create over 1,000 direct and indirect jobs in Morocco by 2030 through this partnership [6]