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Spain – Codere confirms new talks with creditors

By - 3 January 2014

Spanish operator Codere has confirmed it is in talks with creditors to work towards a solution concerning €127.1m of debt.

Codere made the disclosure to the Mercantile Court of Madrid under The Spanish Insolvency Law. It will allow Codere up to four months to complete negotiations to refinance its debt.

The operator stated: “The submission of the communication will not involve any change in the activity of company, which will continue its operations as normal, nor does it affect the board of directors which is maintained with full powers of representation, administration and management.”

Codere highlighted several exceptional factors throughout 2012 and 2013 that have heightened financial tension. These include the payment of €107m for the early renewal of gaming licenses in the province of Buenos Aires, the introduction of the smoking ban in Argentina, the closure of eight slot halls in Mexico game and increases in gaming tax in several of the countries where it operates.

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