Spanish embattled gambling operator Grupo Codere has been given until the end of 2015 (official date 31 December) to restructure its €1.1 billion (£815 million) debt by its creditors.
The conformation of its debt extension, follows the announcement of a 25% increase in H2 2015 revenues to €408 million, following a marked recovery in the South American gambling markets of Argentina, Mexico and Panama.
Continuing its review of business, Codere has undertaken a number of operational cost savings which have seen the operator reduce its losses by 24% to €48.7 million.
Codere who have reported multiple consecutive quarter losses, re-elected former Jose Antonio Martinez Sampedro as CEO in July 2015.
Sampedro and Codere executives have announced that following a successful debt restructure, the operator will look to form a new business entity in the coming months.
The restructure of debt acquired will see Codere issue a €200 million bond. The continuous debt restructures of the gambling operator, have seen the Sampedro founding family reduce its ownership in the company from 70 to 20%.
“Codere continues to work with the consenting noteholders and the original shareholder parties to agree final documentation for the restructuring and to satisfy all conditions to completion as soon as possible,” the company said in the statement