Tag Archives: mexico

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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Codere cancels debt repayments to review crisis options

Embattled Bolsa Madrid gambling group Codere SA has postponed payments on its debt tranches of €500m and $300m, as corporate governance reviews the firm’s long-term financing options. Yesterday, Codere made its decision public via a corporate filing with Spain’s competition and markets authority (CNMV). In its notice, Codere informed that its suspension of debt payments formed part of group-wide contingency …

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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 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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SEGOB Mexico appoints Cota Montaño as new ‘gambling general’

Olga Sanchez Cordero, Secretary of Governance of Mexico (SEGOB), has disclosed that Leonel Cota Montaño has been appointed as the Secretary-General of gambling supervisory department ‘Dirección General de Juegos y Sorteos’ (Games & Lotteries Mexico). A Labour Party (PT) political veteran, Cota Montaño is the former governor of the state of Baja California Sur (1999-2005) and will take leadership of …

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Codere secures €36m credit line to fund Mexican outlook

A filing placed with Spain’s CNMV capital markets commission has revealed that Codere SA has secured terms on two corporate credit lines, obtaining approximately €36 million in working capital to help the Bolsa Madrid gambling group maintain its Mexico and Uruguay business subsidiaries. The transaction sees Codere governance expand the volume of its existing €90 million revolving credit facility, of …

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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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Vague Morena mandate causes confusion on Mexican gambling taxes

Mexican gambling stakeholders have been left confused by Morena Party’s intended tax frameworks, which seek to modify the nation’s governing ‘Federal Law of Games and Sweepstakes (LFJS)’. This October, Morena Deputy Emmanuel Reyes Carmona presented the party’s LFJS tax modifications, reported by national media as a ‘20% excise increase’ on online gambling activities. The miscommunication relates to a poorly worded …

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