The process to restructure Madrid-based gaming operator Codere has been completed, with the business now under control of a new entity owned by its creditors.
The debt-for-equity agreement struck in April this year sees the business transferred to Codere New Topco SA, a holding company in which the bondholders have a 95% stake. Its previous owners retain a 5% stake, though with an option to receive up to 15% of the proceeds of any future sale of the business.
The change in control will also see €225m invested in the business, of which €100m has already been provided. This is to keep the business afloat as it recovers from the impact of novel coronavirus (Covid-19) on operations across Spain, Italy and Latin America.
