In September, workers at three Detroit casinos – MGM Grand Detroit, Hollywood at Greektown and MotorCity – voted in favor of authorizing a strike at all three locations if a new contract agreement isn’t reached. The Detroit Casino Council (DCC), which represents the workers, could call for strikes as soon as mid-October, when contracts expire. Film and television writers had walked off the job in May over compensation, staffing and residual payments, among other issues.
Members of the Writers Guild of America (WGA) approved a new three-year contract with major studios on Oct. 27 after negotiators reached a tentative agreement. They went back to work on Sept. In July, France’s sixth largest retailer reached an agreement in principle with a consortium led by Kretinsky’s company EPGC – alongside Casino’s biggest creditor Attestor, and second-biggest shareholder Fimalac – to restructure its 6.4 billion euros ($6.7 billion) debt pile. PARIS, Oct 4 (Reuters) – Shares in French retailer Casino were suspended on Wednesday pending a statement, boosting speculation a final debt restructuring deal with creditors led by Czech billionaire Daniel Kretinsky to avert bankruptcy could be imminent.
The deal, which massively dilutes shareholders, would bring an end to the 30-year reign of Casino CEO and controlling shareholder Jean-Charles Naouri, 74, who controls Casino via his listed holding company Rallye. Under the July agreement, 1.2 billion euros of new money would be injected into Casino and its 6.4 billion euros of debt would be restructured. A consortium led by Kretinsky would end up owning between 50.4% and 53% of Casino shares.
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