"We continue to make progress in various actions to ensure the continuity of the company"

Codere had an important commitment yesterday that has not yet been resolved. According to CODERE sources in statements to INFOPLAY, "they are working to find a solution."

The company yesterday analyzed the agreement reached with its debt holders to guarantee its solvency in the short and medium term to avoid default, which would lead it to request the prior bankruptcy of creditors. According to those sources consulted yesterday at the last minute they informed us: "We continue to make progress in various initiatives that ensure the continuity of the company"; although they remain prudent for the moment until they are "committed and approved".

As it was published yesterday, they are looking for an agreement that includes the injection of an amount between 120 and 150 million euros contributed by a credit fund.

Sources linked to the negotiation confirmed that Codere, advised by Bank of America and Credit Suisse, has already reached what is known as a 'term sheet' or agreement of intention by which a hedge fund will provide a credit line of 12 months. Thus, the company could not only make its operational payments, but also meet the payment of the next coupon for its two bond issues, which will be in October, for around 27 million euros.

The coupon payment last April was postponed for a month due to the company's financial difficulties.