Published
FinancialMergers & AcquisitionsIndustry

Codere will hand control to creditors by 5 November

Codere expects its bond restructuring deal to be completed by 5 November, the Spanish gambling group announced in a press release on Monday 20 September.

CorporateRestructure

The company outlined its plan to avoid bankruptcy by transferring control to its creditors in April, a move that will see its parent company, Codere SA group, liquidated.

A new holding company will be created, in which the creditors will hold a 95% stake while existing shareholders retain the remaining 5%.

Notes will be issued to bondholders in a debt-for-equity agreement, who will have until 18 October to provide their consent.

All-in-all, this deal will see securities affected in the transaction that correspond to issues totalling €1.15bn ($1.3bn).

Codere claimed this deal was critical to keep the business afloat until it can reopen all of its venues and in May, its shareholders voted in favour of the restructuring.

The deal saw the company set to gain a €225m cash injection, with €30m being paid immediately and €70m by the end of May.

The remaining €125m will be provided near the end of the restructuring process.

This comes off the back of a rough year for the company, which saw its stock price plummet to €0.89 after it announced it was entering liquidation, a move that was in part prompted by a 57.2% drop in revenue in March due to Covid-19 closures.

This latest development means its restructuring is on track with the company’s original expectations.

At the time, Codere stated that it anticipated the deal “to be concluded at the beginning of the fourth quarter of the year.”

 
Premium+ Connections
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...