The board of ‘Nueva Codere‘, the business identity of Grupo Codere SA under the ownership of bondholders, has nominated Christopher Bell to serve as new Non-Executive Chairman. The candidacy will be subject to the approval of the shareholders’ general meeting of Nueva Codere scheduled for 7 February. The meeting will aim to resolve the ‘construction of a new board that will …
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CNMV, the National Securities Market Commission of Spain has approved amendments made to the 2011 Gaming Law sanctioned by the Ministry of Consumer Affairs. The independent agency responsible for Spain’s financial regulation and market securities endorsed new amendments imposed on the 2011 Gaming Law that require safer gambling provisions to be treated as key criteria for market competition. The business …
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Spain’s National Securities Exchange Commission (CNMV) has been forced to suspend the listing of Grupo Codere SA shares on the Bolsa Madrid Exchange. The exchange regulator informed that its decision was taken, following an extraordinary meeting of shareholders that approved for Codere to begin a settlement process for the company to be dissolved. As a result, the CNMV has been …
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Codere SA has confirmed that its financial restructuring process, first initiated earlier this year, has been completed, with the planned liquidation of the international gambling group ‘expected to begin shortly’. The corporate reorganisation will see Codere SA relinquish its status as the parent company of the wider Codere operating group, 95% control of which will be transferred to new holding …
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Codere SA expects to complete its bond restructuring on 5 November, having initially announced the development in April, granting full control of the company to its bondholders. The decision was made in a bid to avoid bankruptcy, following months of financial instability for the betting and gaming operator, exacerbated by COVID-19 headwinds such as the closure of the group’s Italian, …
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Moody’s Investors Service has downgraded the €500 million and $300 million instrument senior secured notes of Codere SA, following a restructuring agreement reached between the Spanish operator and its creditors last week. The ratings agency has made the decision to downgrade the two aforementioned senior secured notes from Caa3 to Ca, in addition to a €250 million super senior note, …
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Spanish online sports betting and casino operator Codere has seen its shares fall by 12% to €1.08, after coming to an agreement with its creditors that will see the firm enter liquidation. As a result of the liquidation, Codere asset’s will be transferred to a new corporate structure in order to ensure the variability of the company, supported by its …
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Codere SA is pursuing emergency financing options having failed to convince investors to back its business recovery plans, according to Spanish business news source La Razon. The embattled Bolsa Madrid gambling group has failed to secure a further €100m credit line to keep it’s Spanish and LaTam retail business units afloat during lockdown. On the edge of bankruptcy, Codere is …
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Norman Sorensen, Chairman of Grupo Codere SA, has urged Spanish ministers to maintain reasoned dialogue and analysis of Spain’s gambling sector. Sorensen made his comment in a letter accompanying Codere’s Bolsa Madrid annual statement, which emphasised that Spanish gambling has been besieged by ‘false beliefs’ and ‘radical political positions’ against its incumbents. Sorensen’s appeal comes after Spain’s new coalition government …
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