Codere completes its financial restructuring

Codere, a leading multinational in the gaming sector, completed the financial restructuring process announced on April 22, the date on which the company reached an agreement with its creditors for a refinancing of 225 million euros to the group and capitalized over 350 million euros. million of debt, corresponding to the senior securities then existing, at the same time an extension of the maturities of the debt to September 2026 and November 2027 was agreed. Consequently, the operational part of the Codere group will be transferred to a new holding, Codere New Topco SA, with 95% of the shareholding of the new topco held by Codere bondholders and the remaining 5% by Codere SA, which also receives warrants issued by the new parent company. Codere will convene a General Shareholders’ Meeting to be held next December to approve the liquidation process of Codere SA, at the end of which the former parent company of the company will ask the regulator to suspend trading of its shares. The conclusion of the liquidation process of Codere SA will allow its current shareholders to receive an economic compensation to which the sale of the proportional part of their shares and warrants will contribute, a process that should be carried out by the external liquidator appointed by the Shareholders’ Meeting. , holding company of the operating units of the group in all the markets in which the company operates, will continue to be present and will continue to operate normally respecting commitments, commercial partners and customers as it has done up to now. After Argentina reopened last July, the company resumed its business in all markets, albeit still with restrictions. The business continues to show strength and rapid profit recovery capacity, so much so that the company expects to reach 80% of its turnover in the same period of 2019 in the last quarter of the year.