Codere disappearance of 20 M Euros puts into risk its operations in Latin America
Monday 21 de October 2019 / 04:57
⏱ 1 min read
(Madrid).- Inconsistencies in Codere venues in Mexico, Panama and Colombia threaten the business in the whole region. EU investors are evaluating the current scenario. US investment groups -Silver Point, Abrams, Contrarian and M&G- which control the Spanish gambing company- have decided to intervene "conflicting areas" and evaluate the convenience to continue connected to a company with so many compliance risks.
Spanyard Carlos Villaseca management, number two of the company and Codere Head of Operations in Mexico, is considered responsible for the situation, and was shifted from office, although he will not be officially replaced from his role until investigations are not concluded. They should end up two weeks, and are being performed by an external audit company.
Venues are headed by Adolfo Carpena and Ángel Corzo Uceda, current CFO of the group. Both executives are right hand men of Argentinian Vicente Di Loreto, General Manager who was named by the investors that are now in control of the company after shifting from their functions to Martinez Sampedro brothers, members of the founding family. Di Loreto, together with Argentinian Bernardo Chena, are in charge of a Crisis Committee created in order to "overcome the situation".
Financial consequences
Codere is having a difficult situation after revealing irregularities in the report of its accounting results in Mexico, Panama and Colombia. A preliminar studdy showed an impact between 13 to 18 million euros on the results published last June, while EBITDA expectation would suffer a 20 million euros adjustment in 2019.
Due to this fact, Standard & Poor's decreased Codere credit note from B to B- with a negative perspective. The agency even pointed that it could bring more uncertainty to the refinancing of 775 million euros in bonuses, which have a November 2021 deadline.
Categoría:Others
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País: Spain
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