While a plan for the 1.1 billion euros repayment is discussed
Codere given 48 hours to avoid bankruptcy
2014-05-13
Reading time 39 seg
(Spain).- Spanish gaming operator Codere said it had been granted a further 48 hours to negotiate a debt restructuring deal with creditors and avoid entering bankruptcy protection. The Madrid-based company said in a statement that senior facility lenders and a majority of bondholders agreed to continue talks and not demand repayment during the two-day period while a plan for the 1.1 billion euros repayment is discussed.
Codere sought preliminary creditor protection in January after reporting seven consecutive quarters of losses. The co-founding Martinez Sampedro family, which owns 68.5 percent of Codere, is fighting to retain as much control as possible in the company hurt by recessions and higher taxes in its European markets as well as stricter gambling regulations and smoking bans in Latin America. Codere had total net debt of €1.1bn at the end of 2013 and earnings before interest, tax, depreciation and amortization of €206m euros, according to a February earnings report. The company will announce its first-quarter earnings later this week.
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