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Capital and Legal Structure 24/12/21
Operations and CapEx 24/12/21
Reopening 24/12/21
Investment Discussion 24/12/21
As expected, the Italian gaming license was extended at nil cost for an additional year to June 2023. As the business has not yet returned to
New Company, New CFO: Codere exited the restructuring in November establishing a new holding company. Today they announced a
Please find our updated analysis here.
Q4 was supposed to be the pivotal moment for Codere: Having completed the restructuring in November and restrictions been lifted in various jurisdictions. However, the
Codere has completed its restructuring, but unfortunately, the business still faces significant headwinds in relation to
Codere held their Q3 call yesterday and as we suggested the return of operations to pre-covid levels is taking longer than guided. Restrictions are
The timeline for the completion of the Codere restructuring has been pushed out to the 19th November (previously 10th November). This appears to be
Please find our unchanged analysis here.
The announcement this morning from Codere begs the question - what is it achieving? Put simply, Codere have engineered
Please find our updated analysis of the Proposed Codere Restructuring here.
Holders of the Senior Secured Notes will receive in exchange for their notes 95% of the equity, partial reinstatement of 25c, new
Please find our unchanged analysis here.
Time is ticking on the 30-day grace period for the non-payment of the interest on Codere’s Super Senior Notes. Initial press speculation focused on
It is reported in the Spanish press today that Codere have engaged their financial and legal advisers again. The rumour mill has moved from the discussion around refinancing, to a now
Codere reported their Q3 numbers but with significant operations closed by law, the numbers are a little irrelevant. We remain
Please find our updated Codere model here.
We had a long conversation with Codere management yesterday. Details of some of the adjustments are outlined below, but in summary, although we have reduced the
Please find our analysis here.
Codere edges towards completion of their Scheme of Arrangement, with the sanction hearing happening this morning. Post this, and the
Please find our analysis on Codere here.
As expected the last dissenting voice has acceded to the Revised Lock-up agreement, with 82.5% of existing bondholders as of yesterday. The Scheme meeting