The creditors of Codere SA have allowed the Spanish gambling group to renegotiate the terms of its senior secured debt notes.
The Bolsa Madrid gambling group has been allowed to defer its debt maturity payments from 2021 to 2023 as part of the firms ongoing restructuring arrangements.
Back in July, company creditors had allowed Codere to access a further 250 million credit line, maintaining the embattled firms South American business units afloat during covid lockdown.
The firms credit lifeline was extended on the condition that Codere accepted a debt tranche interest of 12.75% double the rate of interest paid on its long-standing corporate debt of 800 million.
Further terms saw the debt tranche maturity repayme…
Read the full article at: https://www.sbcnews.co.uk/europe/2021/01/25/codere-defers-debt-note-duties-until-2023/