Codere is looking for 100 million euros to continue his business in these uncertain days and for this he has decided to postpone the payment of his debt. The casino and sports betting giant would need to increase its available cash in a context in which it is in the process of refinancing its debt.
As reported by financial media late Monday,
Codere postpones the payment of its debt for a month and seeks to increase its available liquidity by 100 million euros. This would have been reported by the gaming company itself to the spanish National Securities Market Commission (Comision Nacional del Mercado de Valores).
A measure that evidently responds to the total closure of all its face-to-face operations due to the restrictions on the movement of people imposed in all the countries where it operates.
Recall also we already know that at the beginning of the month that the group had hired Bank of America to try to refinance the debt. Although not many details are known at the moment, the postponement of the coupons is part of the contingency plan that Codere continues to deploy to ensure business continuity and preserve its liquidity position in the face of the current crisis caused by the coronavirus.
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