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Codere Completes Its Financial Restructuring

Monday 22 de November 2021 / 11:23

⏱ 1 min read

(Madrid).- Codere, a leading multinational in the gaming sector, completed this Friday the financial restructuring process announced on April 22, when the company reached an agreement with its creditors by which they injected 225 € M in the group and capitalized more than € 350M of debt, corresponding to the then existing senior bonds, while an extension of the debt maturities to September 2026 and November 2027 was agreed.

Codere Completes Its Financial Restructuring

As a result, the operative part of the Codere group will be transferred to a new holding company, Codere New Topco SA, with 95% of the shareholders of the new topco being owned by Codere bondholders and the remaining 5% by Codere SA, which also receives warrants issued by the new parent company.

Codere S.A. will call a General Shareholders' Meeting to be held next December to approve its liquidation process, after which the former parent company of the group will request the regulator to suspend trading of its shares.

The culmination of the liquidation process of Codere S.A. It will allow its current shareholders to receive financial compensation to which the sale of the proportional part of their shares and warrants will contribute, a process that is expected to be carried out by the external liquidator appointed by the General Shareholders' Meeting.

Codere Newco, the holding company for the group's operating entities in all the markets in which the company operates, will continue to be present and will continue to operate normally and in compliance with its obligations, business partners and customers as it has been doing to date.

After the reopening of Argentina, last July, the company has resumed its activity in all markets, although still with restrictions. The business continues to show strength and rapid capacity to recover income, so that the company expects to reach 80% of the turnover obtained in the same period of 2019 in the last quarter of the year.

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País: Spain