To restructure the massive debt
Codere in last attempt to avoid liquidation
2014-06-06
Reading time 27 seg
(Spain).- Codere is facing a nervous twenty-four hours as the clock ticks down to what could be the imminent liquidation of the Madrid based business. The company is in a race against time with creditors to try and restructure the massive 1.1 billion euro debt the company has accumulated, or face bankruptcy proceedings and liquidation.
Business has been devastating for Codere with the financial crisis and rising unemployment in both Italy and Spain taking a toll on the amount of visitors to their gambling halls.
The company’s hopes for a Latin America expansion have also been damaged by anti-money-laundering legislation to curb drug cartels in Mexico as well as currency controls and a smoking ban in Argentina.
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