Tag Archives: Moodys

Codere shareholders approve liquidation terms

The board of Codere SA has been granted approval by shareholders to proceed with the ‘liquidation arrangement’ agreed last month with existing creditors.  Shareholders of the Bolsa Madrid gambling group have approved the terms of the liquidation agreement, allowing for creditors to take control of the embattled firm – the liabilities of which are reported to stand at €700 million. …

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Moody’s downgrades Codere after restructuring announcement

Moody’s Investors Service has downgraded the €500 million and $300 million instrument senior secured notes of Codere SA, following a restructuring agreement reached between the Spanish operator and its creditors last week. The ratings agency has made the decision to downgrade the two aforementioned senior secured notes from Caa3 to Ca, in addition to a €250 million super senior note, …

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Codere avoids total collapse with 12-month credit line 

Codere SA will escape bankruptcy after the embattled Spanish gambling group secured new terms on its debt arrangement with US debt-holders.  The Bolsa Madrid gambling group is reported to have secured a 12-month funding arrangement with a US hedge fund which will guarantee a €120-150 million credit line for the company to fund its operations and repay its deferred debt …

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