Tag Archives: Codere SA

Year in Review Part Three – Firms look to Nasdaq whilst William Hill auction comes to a close

The third quarter of 2021 saw further regulatory developments across Europe, and one of the year’s biggest M&A saga’s concluded as 888 Holdings finalised the terms of its William Hill acquisition.  Sportradar, the Swiss sports data and technology company, successfully completed its public listing on the US Nasdaq stock exchange in September, with some assistance from basketball legend Michael Jordan. …

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Codere liquidation ‘expected to begin shortly’ as financial restructuring is completed

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 to complete bond restructuring on 5 November

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 downgrades Codere after restructuring announcement

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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Codere shares fall by 12% after liquidation agreement with creditors

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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LATAM woes see Codere track year losses of €240m 

Embattled Spanish gambling group Codere SA has published its Q3 2020 earnings report, revealing that its year-to-date corporate net losses currently stand at €240 million.  The Bolsa Madrid gambling firm continues to absorb COVID-19 impacts following a staggered reopening to its South American gambling venues, combined with severe LATAM currency fluctuations against the US dollar. Despite reopening its European (Spain …

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Blackstone reviews CIRSA options as pandemic wipes out IPO potential

US private equity fund Blackstone Group has moved to safeguard its investment in Spanish gambling operator Grupo CIRSA purchasing €120 million of the firm’s debt notes. Last week, CIRSA published headline Q1 trading figures, revealing that company growth had been wiped out during March, with the company being forced to shut down its entire retail presence across Spain and South …

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Codere Chairman pursues final options to save the company 

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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Embattled Codere edges towards bankruptcy 

Bolsa Madrid observers are monitoring Codere SA movements closely after Spanish business news sources reported that the gambling group is on the ‘precipice of bankruptcy’. Burning a reported €25 million a month on working capital (excluding debt repayments), Codere has been looking for urgent funds to keep its business units afloat.  Global Coronavirus disruptions have forced Codere to shut down …

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Codere secures €20m loan to safeguard Mexico unit

Bolsa Madrid gambling group Codere SA has informed investors that it has secured a further €20 million loan which will support its Mexican business unit.  Sanctioned on Friday 13 March, Codere governance secured access to an additional MXN 500-million-peso bond (€20 million) with debt terms set for maturity in 2025.   Updating investors, Codere stated that the loan has been sanctioned …

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