"This extension will enable ongoing negotiations on a lock-up agreement to continue," said Casino.

Casino's shares, which closed up 1.7% on Friday, have slumped by around 86% since the start of 2023. Casino has been hit by fierce competition in the French supermarket sector, and was forced to restructure after years of debt-fuelled deals started to weigh on its balance sheet.

Earlier this year, Casino earmarked a debt restructuring deal with creditors led by Czech billionaire Daniel Kretinsky.

Nevertheless Casino, whose parent holding company is Rallye, led by Jean-Charles Naouri, has remained under pressure on the debt markets.

In August, credit rating agency Standard & Poor's (S&P) cut its rating on Casino to D, denoting a likely default, after Casino failed to pay the interest on a bond.

(Reporting by Sudip Kar-Gupta, Editing by Louise Heavens and Barbara Lewis)