The board of Grupo Codere SA states that it is in “advanced negotiations” with existing bondholders to proceed with a “global recapitalization” of the Spanish and LatAm gambling group. Codere confirmed that it had recruited investment bank Houlihan Lokey and law firm Allen & Overy as advisers for its intended recapitalisation program aimed at improving its capital structure and fostering …
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Codere SA has made its latest senior hire, appointing Sonia Carabante as Corporate Director of Commercial Strategy and Business Projects. Carabante will report directly to Group CEO Gonzaga Higuero, and has been tasked with executing commercial and efficiency strategy projects while driving group growth. Other areas of focus include transformation as Codere continues to consolidate its international position, as well …
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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 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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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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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 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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