shares in casino guichardperrachon fell sharply thursday after the company said it needs to convert up to 509 billion euros 555 billion of debt into equity as part of a socalled conciliation process at 0824 gmt shares in the french grocer fell 30 to eur524 the company said it has informed its stakeholders that it considers necessary to convert into capital unsecured debt instruments totaling eur359 billion and between eur1 billion and eur15 billion of secured debt to reach a balance sheet compatible with cashflow generation contemplated in its 202325 business plan the company said this proposal is aimed at achieving a net debttoearnings before interest taxes depreciation and amortization ratio of 10 times by 2025 the debt amounts to be converted into equity will be determined after talks with creditors and providers of new equity casino said the company has set a july 3 deadline for stakeholders to submit offers of new equity with the goal of reaching an agreement in principle on the terms of the financial restructuring by july 27 in any event the current shareholders of casino will be massively diluted and majority shareholder rallye will no longer control casino the company said alphavalue analyst nishant choudhary said in a research note that the company is hanging by a thread and with little margin of error despite a cash infusion from the sale of its latin america assets due to a steep decline in french cash flows