Tag Archives: Norman Sorensen

Embattled Codere SA has published its Q1 2020 trading statement, declaring group-wide losses of €97m as the company continues to seek vital funding for its operating units. The figure represents a 10X increase on its corresponding Q1 2019 losses of €8.6m, as Codere’s European and South American gambling venues have ceased trading due to the COVID-19 global pandemic.  The Bolsa …

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 …

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 …

Spanish business news sources report that the Sampedro Family, the enterprise founders of Grupo Codere have filed a US lawsuit against the firm’s private equity debt-holders, claiming unfair dismissal and non-representation from the firm’s corporate governance structures. The filing is led by former Codere President Jose Antonio Martinez Sampedro and brother Luis Javier (former Vice President), seeking to annul Codere …