Codere board rejects creditor proposals
Codere
A plan put forward by creditors to inject up to 400 million euros into the company in exchange for 96.8 per cent of its equity was rejected by the Codere board, Bloomberg News reported.
Instead, the board is proposing a five-and-a-half-year moratorium on bond interest payments or a 50 per cent writedown on the debt and conversion into eight per cent notes to a maximum of 250 million euros and no equity for creditors.
Challenging trading conditions and debts amounting to 1.1 billion euros have heaped pressure on the company, which sought initial creditor protection at the start of the year. This gave it a four-month window to restructure its debts or begin insolvency proceedings.
Codere has until April 30 to agree to a restructuring deal or file for full protection under Spain’s bankruptcy.
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