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Casino reiterated it had until Oct. Casino, which was brought to the verge of default after years of debt-fuelled deals and recent losses in market share to rival supermarket groups, said the binding agreement was reached with the consortium led by Kretinsky's company EPGC - alongside Casino's biggest creditor Attestor, and second-biggest shareholder Fimalac, and along with secured creditors while discussions with unsecured creditors continue.

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"Casino has reached a major milestone in its financial restructuring process by obtaining the agreement of its main creditors on a financial restructuring plan," CEO and controlling shareholder Jean-Charles Naouri said in a statement. Casino's Chief Financial Officer David Lubek said price cuts were bringing more customers into the retailer's stores. Footfall in Casino supermarkets was up 4% over the past four weeks, the company said.

Thursday's announcement finalizes a July agreement in principle which called for 1.2 billion euros ($1.26 billion) of new money to be injected into Casino, as well as a reduction of Casino's debt by 6.1 billion euros. Casino will formally change hands at the end of March next year. The deal massively dilutes shareholders and will bring to an end the 30-year reign of 74-year-old Naouri, who controls Casino through his listed holding company Rallye.

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