Spain – Codere creditors extend negotiations – againBy Lewis - 21 May 2014
Codere and its creditors have agreed to be given until 2300 hours on May 22 to negotiate and try to prevent gambling company into bankruptcy, the company reported today to the National Securities Market Commission of values (CNMV).
Expectations yesterday where that Codere and its creditors would need to reach an agreement to avoid bankruptcy after yet another deadline elapsed. On January 2, the gaming company filed for creditor protection due to its difficult financial situation and problems paying debts. Upon request, Codere had four months to negotiate and avoid having to file for bankruptcy. At the point of expiration of this period, both parties were given additional time, the first of which expired on Monday, which has since been extended until 23:00 tomorrow night.