Updating the market, embattled Spanish gambling operator Grupo Codere has reduced its corporate losses to €74 million for its nine month 2015 performance.
The gambling operator shortens its losses from the €135 million reported for its Q1-Q3 2014 performance. Group Q3 2015 losses were reported at €25 million.
The operator reported a 21% revenue increase to €1.2 billion up 21% on 2014’s €1.1 billion, with Codere noting that it has recorded gains in its South American gaming division. The divisions had also benefitted from South American currency gains against a weakening Euro.
Excluding debt repayments and restructuring costs Codere would post adjusted EBITDA earnings of €74 million, exceeding its presented target statement.
Codere continues its restructure under re-appointed CEO Jose Antonio Martinez Sampedro. In September the firm was given by its creditors until the end of year to restructure its +€1 billion debt.
Sampedro and the Codere executive team, are reported to be seeking to implement a ‘lock up agreement with creditors in order to secure its operations.
Business news sources have further reported that Codere will seek advice from US litigators regarding the restructure of its international assets.