The supermarket chain will have four allied banks to ensure its rescue: Santander, JP Morgan, Barclays and Société Générale.
These entities have committed to subscribe the capital increase of at least 600 million euros that will be directed by Morgan Stanley. DIA, which wants to avoid entering into bankruptcy, tries to close the operation before Easter: the operation is scheduled for March 15 and April 15.
These terms would mean carrying out the entire expansion with barely a month’s margin. The supermarket group plans to hold its shareholders’ meeting in mid-March, more than a month before what has been usual in recent years. Then, the shareholders must approve the execution of this extension.
The supermarket chain also has pending the presentation of the annual results, marked by the profit warning announced in October, the shareholders’ meeting and the extension and refinancing of the debt, amounting to 1,600 million euros, including bonds for 900 million . DIA is also in the process of selling its Clarel and Max Discount brands.
Source : Economiadigital