(Reuters) - French supermarket chain Casino announced on Friday an extension for its creditors to access the lock-up agreement relating to the financial restructuring of group.
The deadline is now Tuesday at 1800 CET (1600 GMT). Accession to the lock-up agreement is needed to subscribe to the planned 275 million euro ($289 million) capital increase.
The group announced earlier in the month it had finalised a deal to avoid bankruptcy with its main creditors, including Czech billionnaire Daniel Kretinsky.
The deal involves a massive dilution for shareholders and will mark the end of a 30-year-reign for chief executive Jean-Charles Naouri, who controls the company via his Rallye holding.
An agreement in principle was reached in July for a Kretinsky-led consortium to become the company's majority shareholder and inject 1.2 billion euros ($1.26 billion) of new money in the company.
($1 = 0.9515 euros)
($1 = 0.9517 euros)