French retailer Casino finalizes rescue deal led by Czech tycoon

The United Auto Workers (UAW) union has expanded its ongoing strike against the Detroit Three automakers - General Motors , Ford Motor and Chrysler parent Stellantis . The coordinated strike, which began after the earlier contracts expired on Sept. 15, initially targeted three assembly plants in Michigan, Ohio and Missouri. Oct 4 (Reuters) - A tight U.S. labor market, the expiry of union contracts and high living costs have led to tough negotiations for pay hikes and benefits from workers and triggered strikes and protests across industries.

"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. Footfall in Casino supermarkets was up 4% over the past four weeks, the company said. 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.

Casino's Chief Financial Officer David Lubek said price cuts were bringing more customers into the retailer's stores. Should you adored this post and also you would like to acquire more info regarding online casino host jobs i implore you to stop by the web site. 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. Teamsters union workers at United Parcel Service ratified a new five-year contract in August, a deal that raises pay, eliminates a two-tier wage system for drivers, provides another paid holiday and ends forced overtime.

The striking writers were later joined by the SAG-AFTRA actors union, which remains on strike. Negotiators for striking Hollywood actors resumed contract talks on Monday with representatives of major studios, television networks and streaming services The retailer, which is now France's sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too.

The company's unionized workers say they essentially have the power to veto any transaction they do not approve of. Steel, which is reviewing multiple proposals ranging from partial acquisition to an entire buyout, is embroiled in a tussle with the United Steelworkers union. The retailer, which is now France's sixth-largest supermarket group, said it planned to pursue discussions with the financial creditors not yet party to the lock-up agreement to get them to sign up to it too.

Naouri said the binding agreement "creates a favourable framework" for the long-term sustainability of Casino's business, maintaining its workforce and head offices and continuing to develop its brands. "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. 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.