Codere’s restructuring deal – which will see creditors take control of the business in a debt-for-equity agreement – is set to close on 5 November.
Because the restructuring deal involves changing the terms of Codere’s notes – so that noteholders will receive equity in Codere’s holding company rather than cash – it requires consent from those noteholders.
This will occur via a vote, with noteholders having until 18 October to provide their consent.
Assuming the deal – which has already received support from the majority of creditors – is approved, it is set to come into force on 5 November.
If the deal is not complete by 30 November, then the restructuring agreement will be considered void, unless this deadline is extended.
As part of the restructuring, noteholders may also subscribe for a share of €128.7m in newly issued notes.
Codere has faced issues with debt since 2019, when currency fluctuations in its Latin American markets, particularly Argentina, contributed to the need ..