Rallye proposals accepted by holders of one series, rejected by four

By Sarah Lizee

Olympia, Wash., Jan. 16 – Rallye, Fonciere Euris, Finatis and Euris revealed the results of the first bondholders’ meetings relating to the liabilities payment proposals contained in their safeguard plans, according to a press release.

The results of the meetings were as follows:

• For the €110 million 3.4% notes due Jan. 31, 2022, with a quorum of holders representing 67.27% of the notes, holders of 34.32% voted to approve the plans, holders of 58.11% voted against the plans and holders of 7.57% abstained from voting, resulting in rejection at 65.68%;

• For the €350 million 4.371% notes due Jan. 23, 2023 with a quorum of holders representing 29.8% of the notes, holders of 54.55% voted to approve the plans, holders of 45.35% voted against the plans and holders of 0.1% abstained from voting, resulting in approval at 54.55%;

• For the €464.6 million 4% notes due April 2, 2021 with a quorum of holders representing 28.41% of the notes, holders of 42.35% voted to approve the plans, holders of 53.94% voted against the plans and holders of 3.71% abstained from voting, resulting in rejection at 57.65%;

• For the €200 million 5¼% non-dilutive cash-settled notes, exchangeable for ordinary shares of Casino, Guichard-Perrachon, due Feb. 1, 2022 with a quorum of holders representing 38.05% of the notes, holders of 48.23% voted to approve the plans, holders of 50.59% voted against the plans and holders of 1.18% abstained from voting, resulting in rejection at 51.77%;

• For the €4,628,847.61 1% exchangeable notes for ordinary shares of Casino, Guichard-Perrachon due Oct. 2, 2020 with a quorum of holders representing 20.23%, 100% voted to reject the plan.

As the quorum was not met for the CHF 75 million 4% notes due Nov. 23, 2020 and CHF 95 million 3¼% notes due Feb. 8, 2024, another meeting will be held on Jan. 27 in Paris.

As previously reported, Rallye, Fonciere Euris, Finatis and Euris announced on Dec. 9 that they had finalized the terms of their safeguard plans, which were drawn up with judicial administrators’ consent.

Rallye is a Paris-based distributor of food and sporting goods products.

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