(Bloomberg) -- Casino Guichard-Perrachon SA reported a loss of €5.7 billion ($6.2 billion) for 2023, days after a group of creditors and investors won approval to take control of the embattled French retailer.

The net consolidated loss included financial restructuring charges and impairments related to asset disposals, while trading profit dropped by more than 60% as even its best-performing trading brands recorded smaller margins, according to an earnings report published on Wednesday.

Under a restructuring plan that was approved Monday by the Paris commercial court, Czech billionaire Daniel Kretinsky and other investors including Fimalac and creditor Attestor will assume ownership of the retailer. The deal includes a €1.2 billion injection and the conversion of almost €5 billion of debt into equity.

Casino’s performance for the year shows that the equity injection “can’t come soon enough,” according to Bloomberg Intelligence analyst Charles Allen.

The group didn’t provide an outlook for 2024 given the change of control, which is expected to happen by early April.

Casino has announced asset disposals of around €1.7 billion in recent months, including agreements signed with Auchan Retail France and Groupement Les Mousquetaires for the sale of 288 stores and adjoining fuel stations. It also sold its direct 34% stake in Grupo Éxito in Colombia to Grupo Calleja.  

According to an expert valuation that was published in October, Casino accumulated losses of €3.3 billion between 2018 and 2022. In 2023, the enterprise value was between €3.79 billion and €7.15 billion, less than the roughly €8.3 billion of adjusted net financial debt.

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