Codere to complete bond restructuring on 5 November sbcnews.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sbcnews.co.uk Daily Mail and Mail on Sunday newspapers.
Codere shareholders approve liquidation terms Share
iquidation arrangement’ agreed last month with existing creditors.
Shareholders of the Bolsa Madrid gambling group have approved the terms of the liquidation agreement, allowing for creditors to take control of the embattled firm – the liabilities of which are reported to stand at €700 million.
Terms of the liquidation will see all Codere units (European and South American) merged under a new business entity – which will be supported by a €225 million cash injection which will be credited in three separate instalments.
Codere creditors will own 95% of the new business entity but will allow for shareholders to purchase warrants applicable to 15% of the new business should its valuation exceed €220 million in the next ten years.
Moody s downgrades Codere after restructuring announcement sbcnews.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sbcnews.co.uk Daily Mail and Mail on Sunday newspapers.
Codere defers debt note duties until 2023 Share
The creditors of
Codere SA have allowed the Spanish gambling group to renegotiate the terms of its senior secured debt notes.
The
Bolsa Madrid gambling group has been allowed to defer its debt maturity payments from 2021 to 2023 as part of the firm’s ongoing restructuring arrangements.
Back in July, company creditors had allowed Codere to access a further €250 million credit line, keeping the embattled firm’s South American business units afloat during Covid lockdown.
The firm’s credit lifeline was extended on the condition that Codere accepted a debt tranche interest of 12.75% – double the rate of interest paid on its long-standing corporate debt of €800 million.