As expected, the Italian gaming license was extended at nil cost for an additional year to June 2023. As the business has not yet returned to
Read MoreNew Company, New CFO: Codere exited the restructuring in November establishing a new holding company. Today they announced a
Read MoreCodere has completed its restructuring, but unfortunately, the business still faces significant headwinds in relation to
Read MoreCodere held their Q3 call yesterday and as we suggested the return of operations to pre-covid levels is taking longer than guided. Restrictions are
Read MoreThe timeline for the completion of the Codere restructuring has been pushed out to the 19th November (previously 10th November). This appears to be
Read MoreIt is reported in the Spanish press today that Codere have engaged their financial and legal advisers again. The rumour mill has moved from the discussion around refinancing, to a now
Read MoreCodere reported their Q3 numbers but with significant operations closed by law, the numbers are a little irrelevant. We remain
Read MoreWe have updated our model on Codere post Q2 numbers here.
We are not taking at a position at current level. There is limited liquidity in the name, due to lock-up period. However, the
Read MoreThe Company has secured its near term future and will have c. €100m cash balances at Dec-20, but with the reversal of working capital and resumption of
Read MoreDespite the press reports coming out of Spain, we feel strongly that the bondholders allegedly involved in the super senior financing discussions will
Read MoreRecent speculation in the Spanish press plus the announcement of AGM in July points to the urgent need for a solution. However, having spoken to several advisers involved in different
Read MoreWith general consensus that Codere are likely to run out of cash by end of July / early August, the current delay in raising the c.€100m in fresh capital is of concern to current bondholders. The likelihood that
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