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Carrefour’s creditors will see only 3 percent of their claims

The court accepts the retailer’s restructuring plan, which analyst considers unfair.

Carrefour store(Source: Sme)

The operator of five Carrefour stores in Slovakia, the company Retail Value Stores, will erase 97 percent of its debts. Instead of more than €17.5 million, its creditors will see only slightly more than €430,000 as the Bratislava court approved the restructuring plan of the company, the Denník N daily reported.

The information was confirmed by Jozef Špirko, former partner of the Penta financial group, who became the new investor of Retail Value Stores only few months ago.

The decision is unfair towards creditors who will see only a small amount of their claims accommodated, according to market analyst Ľubomír Drahovský. On the other hand, it is good that the retailer will remain on the market, he told Denník N.

The restructuring plan has already been approved by two of three groups of creditors in early October. It was not passed by the third group however, as the state, which had voting rights over the claims for fines, blocked it.

Read also:Restructuring plan for Carrefour approved

The plan did not even receive the support of all members of the creditors’ committee. Two of five representatives of the companies, Pivovary Topvar and Unilever Slovensko breweries showed their disapproval. Though the representative of Kofola also did not agree, he supported it, to keep Carrefour in the market, as reported by Denník N.

Since the proposed restructuring plan has been supported by most of the groups and the majority of the creditors present, Retail Value Stores asked the court for approval instead of one of the creditors’ groups. 

The restructuring plan now proposes that the creditors will receive only 3 percent of the amount Carrefour owes them in 30 days after the restructuring is approved. Retail Value Stores plans to borrow the money from Privatbanka, Denník N reported.

Disclaimer: Penta financial group has a 45-percent share in Petit Press, the co-owner of The Slovak Spectator.

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