Codere - Sarria Daily Comments 08/11/2021

CODERE (Tomás) — The timeline for the completion of the Codere restructuring has been pushed out to the 19th November (previously 10th November). This appears to be purely a timing issue and linked to the publication of Q3 numbers which will happen on the 10th November with a call at 3 pm UK time later that afternoon. 

In addition, Codere confirmed that the interest on the Super Senior notes (due on 30th September) will be paid in cash on completion. 

We are not expecting any noticeable improvement in the results on Wednesday with all eyes focusing on the unwind of the stretched working capital from suppliers and tax authorities revealing the true cash balances.