Cash-strapped French retailer Casino said a new deadline for rival bidders to present their rescue offers for the group had been set for July 14 as it reported a further drop in sales in the second quarter.
Read the full article on the Reuters website
NAM Implications:
- Given the falling sales, a bid increase becomes increasingly difficult to justify.
- Much depends on satisfying the unsecured creditors…
- …in terms of shares in the post-rescue restructured company.
- But the key will be maintaining/improving worker morale amidst the continuing uncertainty…
