Codere announced this Friday that its restructuring agreement has so far received the approval of more than 65% of its shareholders, which guarantees that the operation will advance at the next shareholders' meeting to be held on July 30 by video conference.
As we recently published, the debt restructuring contemplates the issuance of new super senior bonds for a total value of 250 million euros, which are due in September 2023.
The money would come in two stages, an initial one worth 85 million euros destined to provide liquidity to the company until its closing; and an additional one for the amount of 165 million euros, which will be offered to the bondholders for subscription.
On the other hand, Codere announced the creation of Codere Finance 2, a subsidiary in the United Kingdom for the bond issue, which has been designed to be subject to English law.
Despite the progress and efforts made in recent days, agencies such as S&P Global Ratings and Moody's continue to give negative ratings to Codere's financial future, highlighting the high risk of default.
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