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  "documentTitle": "Groupe Casino Guichard-Perrachon SA (CO FP)",
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      "text": "Rallye has effectively become a parasite because it has borrowed so much against the dividend stream it anticipated receiving from Casino.",
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      "text": "proportional leverage: 8.9x",
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      "text": "We estimate that in 2014, Rallye incurred interest expense of approximately €95 million... Casino's France free cash flow is approximately zero at present.",
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      "text": "Cynics might think that Casino did not have a real deleveraging plan... Rallye has €1.8 billion of borrowing capacity.",
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      "text": "Mr. Naouri is thus faced with a choice between bad and worse... Casino should think long-term, stop selling assets to pay dividends, and use free cash flow to reduce proportional leverage.",
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      "text": "To maintain liquidity, Casino resorts to hollowing out the business... Rallye has €2.8 billion net debt, compared to a market cap of only €731.7 million.",
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      "text": "III. Hollowing Out to Sustain Liquidity",
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