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Codere SA has confirmed the completion of its Global Recapitalisation Programme, which brings down its net debt to “approximately €65m”.

Agreed in June 2024, the recapitalisation programme means that creditors have agreed to reduce the firm’s long-standing debt from around €1.4bn to approximately €190m.

The debt-reduction plan was boosted by a majority approval from 90% of Codere creditors. 

Gonzaga Higuero, CEO of Grupo Codere, stated: “The transaction is a decisive success for Codere, a guarantee for the future that secures our financial position and relaunches the company’s ability to achieve the growth objectives set. We appreciate the trust of our clients, the support of our investors, and the commitment of our team. We are ready to generate value for all our stakeholders.”

In addition, the company has received an injection of approximately €60 million of new liquidity, which will help boost its business plan and strengthen its solvency and financial health.

“This milestone marks the beginning of a new stage of financial stability and strengthens the group’s capacity for growth and long-term value creation. 

“With an optimal debt structure and greater liquidity, Codere is in a position to take advantage of new expansion opportunities in its key markets in Latin America and Europe, thereby consolidating its leadership in the sector.”

Beginning the year, Codere detailed that it would return to bondholders to recapitalise its business and secure new financing to maintain its South American units in Argentina, Colombia, and Mexico.

The recapitalisation involved Codere’s ownership being passed on to the creditors, who are largely existing shareholders.