The operator Codere announced that it has reached an agreement with a group of investors, which will put up to 225 million euros to finalize the current partnership and transfer the assets to a new one. The aim is to ensure the viability of the organization.<\/p>\n\n\n\n
However, shares fell 12% after the disclosure of this information, according to SBC Not\u00edcias. As planned by the Spanish company, around 30 million will be contributed immediately and another 70 million by the end of May.<\/p>\n\n\n\n
The remaining 125 million will be transferred at the end of the restructuring process. However, these creditors also agreed to capitalize more than 350 million debts.<\/p>\n\n\n\n
“This represents a significant reduction in the current levels of indebtedness, with an operating group liability of around 700 million euros, equivalent to about three times the expected EBITDA after the overcoming of the pandemic, a level of debt considered sustainable”, says in a company statement.<\/p>\n\n\n\n
Codere also admitted an extension of at least three years of the current maturities, which will be fully extended to September 2026 and November 2027. After completing this restructuring, a new organization will be established to unify operations and then request liquidation. of Codere SA.<\/p>\n\n\n\n
Therefore, Codere guaranteed that it has already called an Extraordinary General Shareholders’ Meeting to discuss the feasibility of this plan, although \u201cit already has the majority support from shareholders\u201d.<\/p>\n\n\n\n
\u201cWith the implementation of this restructuring, which is expected to be completed at the beginning of the fourth quarter of the year, Codere hopes to guarantee the company’s future, thanks to the trust of its partners in the group’s perspectives, in the management team and in the ten thousand employees who make up the organization, \u201dadded the operator.<\/p>\n\n\n\n
Last year, the company experienced a 57% reduction in income compared to the previous year, accounting for 594.6 million euros. \u201cThe most significant declines occurred in Argentina (246.5 million euros, the only market being completely closed between the months of March and December), Mexico (209.9 million euros) and Italy (188.6 million euros) \u201d.<\/p>\n\n\n\n
Adjusted EBITDA was 22.5 million euros, that is, 92.9% below the amount obtained in 2019. In addition, the organization had a loss of 236.6 million euros, well above the 61 million euros of the last year. “Results were also affected, to a lesser extent, by the devaluation of our operating currencies against the dollar,” stated in an official note.<\/p>\n","protected":false},"excerpt":{"rendered":"
The operator Codere announced that it has reached an agreement with a group of investors, which will put up to 225 million euros to finalize the current partnership and transfer […]<\/p>\n","protected":false},"author":9,"featured_media":33616,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3046],"tags":[3790,3449,3496],"class_list":["post-33655","post","type-post","status-publish","format-standard","has-post-thumbnail","category-online-en","tag-argentina-en","tag-codere-en","tag-stock-exchange"],"yoast_head":"\n