Tag Archives: codere

Codere fights for survival as debt bonds are classified to junk status

Codere SA is reported to be fighting for its survival, seeking new investment options to refinance its long-standing €900 million corporate debt bonds. Spanish business news source El Confidencial has reported that the Spanish gambling group has sanctioned Bank of America to lead renegotiations with bondholders for a further two-year extension on debt maturity terms which are set to expire in 2021. …

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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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Codere chooses Solitics’ data management & automation platform

Solitics

Spanish multinational gambling group Codere has sealed a deal with Solitics to improve its management of data and create a more personalised experience for its players. Codere confirmed that Solitics has integrated its real-time data management and automation platform into Codere’s sport betting and casino operations in Europe and Latin America (LatAm). Moshe Edree, COO for Codere’s digital division, said: …

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Codere Chairman calls for political sense following Royal Decree approval

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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Codere pays high price for 2019 auditing blunders

Publishing its full-year 2019 trading results, Bolsa Madrid gambling group Codere SA has recorded corporate net losses of €62 million, representing a 32% increase on the firm’s cumulative €47 million loss recorded during FY2018.  Codere investors had little to cheer over as the embattled operator recorded declines across all core operating metrics, reporting a 6% drop in group revenues to …

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Codere renegotiates Panama Equestrian prize fund

Bolsa Madrid gambling group Codere SA will maintain its Panamanian horseracing capacity having negotiated a ‘happy arrangement’ with Panama’s Equestrian Guild to resolve a dispute on prize funding. Conducting negotiations with Panama’s government, Codere has agreed to pay half of the $8 million prize fund of 2020 schedule, a sum desired by the Equestrian Guild meeting the expectations of its …

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LatAm foul play adds €15m losses to Codere 2019 accounts

Commissioned by Codere SA governance, ‘Big 4’ accountancy EY has confirmed a total impact of €15 million losses attributed as ‘intentional LatAm inconsistencies’ which will be accounted for in the Bolsa Madrid gambling group’s full-year 2019 results. October trading saw Codere declare to Spain’s CNMV markets authority that year-to-date accounts had been overstated by a reported €13-20 million attached to …

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Codere reviews ‘corporate structure’ following damaging LatAm investigation

Bolsa Madrid gambling group Codere SA has sanctioned a review of its ‘operating structure’, following an independent investigation of auditing discrepancies found within its LatAm subsidiaries. This October, an embattled Codere governance was forced to declare to Spain’s CNMV markets authority that year-to-date accounts had ‘overstated earnings’ by €13-20 million attached to the firm’s LatAm business unit. Facing investor backlash, …

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LatAm discrepancies add fuel to Codere’s governance dispute

Issuing a governance filing, Bolsa Madrid gambling group Codere SA has revealed that two executive directors have resigned in relation to the firm’s LatAm auditing discrepancies. Last week, Spanish business news sources reported that Fernando Sempere Rodríguez had withdrawn from Codere governance responsibilities citing ‘a professional incompatibility’. Sempere Rodriguez resignation follows the departure of board member Alberto Manzanares Secades on …

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Codere reveals LATAM auditing inconsistencies

Bolsa Madrid gambling group Codere SA will launch an investigation into the auditing of its Latin American business unit, as the firm admits to inconsistencies published in its year-to-date financial reporting. Communicated through Spain’s CNMV market authority Codere governance confirms that it will review the auditing of its entire LATAM unit, following ‘overstated accounts’ reported by a number of its …

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