This agreement, which implies a withdrawal of 1.2 billion euros, is a crucial step for the future viability of Codere.
The restructuring, which had already been approved by the majority of creditors, has now received the final endorsement of the judge. This milestone marks a turning point for Codere, who will now be able to move forward in its financial recovery plan with greater security and stability.
The restructuring plan contemplates the elimination of the most junior debt (with fewer guarantees) and the conversion of the senior debt (with more guarantees) into capital. This measure will allow the company's liabilities to be significantly reduced and its financial situation improved.
It should be noted that the restructuring has had the support of important financial institutions, such as Jupiter, Prudential, Invesco and Palmestone. These bondholders, some of whom were already shareholders of Codere, will become majority shareholders of the company after the restructuring.
The judicial approval of the restructuring agreement opens the door to the issuance of bonds by Codere and to the definitive formalization of the plan. Once these procedures are completed, the company will be able to start executing its growth and consolidation strategy in the gambling market.
Dingnews.com 25/07/2024